By Wendy Van Sickle
Columbus, Ohio, Jan. 10 – Pembina Pipeline Corp. sold C$1.8 billion of senior notes in three parts on Wednesday, according to a press release.
The company priced C$600 million of 5.02% series 20 senior notes due Jan. 12, 2032.
The company sold C$600 million of 5.21% series 21 senior notes due Jan. 12, 2034.
The company also sold C$600 million of 5.67% series 22 senior notes due Jan. 15, 2054.
Proceeds will be used to fund a portion of the purchase price for Pembina’s previously announced acquisition of all of the interests of Enbridge Inc. in the Alliance, Aux Sable and NRGreen Power joint ventures and related operatorship contracts; to repay debt under Pembina’s unsecured C$1.5 billion revolving credit facility; and for general corporate purposes.
Pembina will be required to redeem the series 20 notes and the series 21 notes under a special mandatory redemption at 101 plus accrued interest if the acquisition has not closed by 7 p.m. ET on Oct. 1, 2024; the purchase and sale agreement in respect of the acquisition is terminated at any time prior to then; Pembina gives notice to Computershare Trust Co. of Canada, as trustee, that it does not intend to proceed with the acquisition; or Pembina announces to the public that it does not intend to proceed with the acquisition.
The transportation and midstream service provider for the energy industry is based in Calgary, Alta.
| Issuer: | Pembina Pipeline Corp.
|
| Amount: | C$1.8 billion
|
| Issue: | Senior notes
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| Trustee: | Computershare Trust Co. of Canada
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| Trade date: | Jan. 10
|
| Settlement date: | Jan. 12
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| Distribution: | Canada
|
|
|
| 2032 notes
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| Amount: | C$600 million
|
| Issue: | Series 20 senior notes
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| Maturity: | Jan. 12, 2032
|
| Coupon: | 5.02%
|
|
|
| 2034 notes
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| Amount: | C$600 million
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| Issue: | Series 21 senior notes
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| Maturity: | Jan. 12, 2034
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| Coupon: | 5.21%
|
|
|
| 2054 notes
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| Amount: | C$600 million
|
| Issue: | Series 22 senior notes
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| Maturity: | Jan. 15, 2054
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| Coupon: | 5.67%
|
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