Pembina greenshoe exercised, ups 4.5% preferred sale to C$250 million

By Tali David

Minneapolis, July 26 - Underwriters for Pembina Pipeline Corp.'s 4.5% series 1 cumulative redeemable rate reset class A preferred shares exercised their over-allotment option in full, lifting the issue to C$250 million, according to a press release.

The company priced an upsized C$200 million, or 8 million shares, of the C$25-par preferreds on July 17.

As previously reported, RBC Capital Markets and Scotia Capital Inc. were the lead managers.

The Calgary, Alta.-based energy transportation and midstream service provider plans to use the proceeds from the offering to partially fund capital projects, reduce short-term debt and for general corporate purposes.

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