DBRS: Pembina preferreds pfd-3

DBRS said it assigned a provisional rating of pfd-3 with a stable trend to the C$200 million cumulative redeemable rate reset class A preferred shares, series 1 to be issued by Pembina Pipeline Corp.

The holders of the series 1 preferred shares will be entitled to receive fixed cumulative dividends at an annual rate of $1.0625 per share, payable quarterly, DBRS said.

The agency said it understands that the net proceeds of the issuance of the series 1 preferred shares will be used by Pembina to partially fund capital projects, reduce short-term indebtedness and for other general corporate purposes.

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