By Cristal Cody
Tupelo, Miss., March 23 – Pembina Pipeline Corp. provided additional details of its C$700 million of senior medium-term notes (BBB//DBRS: BBB) that priced in two tranches on Thursday, according to final term sheets.
Pembina Pipeline sold C$400 million of 4.02% series 10 notes due March 27, 2028 at 99.992 to yield 4.021%.
The company priced C$300 million of 4.75% series 11 notes due March 26, 2048 at 99.936 to yield 4.754%.
CIBC World Markets Inc. and BMO Nesbitt Burns Inc. were the bookrunners.
Pembina Pipeline plans to use the proceeds to repay short-term debt under its C$2.5 billion revolving credit facility due May 31, 2023 and an operating facility of C$20 million, to fund the company’s capital program and for other general corporate purposes.
The transportation and midstream service provider for the energy industry is based in Calgary, Alta.
| Issuer: | Pembina Pipeline Corp.
|
| Amount: | C$700 million
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | CIBC World Markets Inc. and BMO Nesbitt Burns Inc.
|
| Co-managers: | RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., J.P. Morgan Securities Canada Inc. and AltaCorp Capital Inc.
|
| Pricing date: | March 22
|
| Settlement date: | March 26
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| Series 10 notes
|
| Amount: | C$400 million
|
| Maturity: | March 27, 2028
|
| Coupon: | 4.02%
|
| Price: | 99.992
|
| Yield: | 4.021%
|
| Call features: | Make-whole call before Dec. 27, 2027 at greater of par and Government of Canada yield plus 45 bps; thereafter at par
|
| Change-of-control put: | 101%
|
|
|
| Series 11 notes
|
| Amount: | C$300 million
|
| Maturity: | March 26, 2048
|
| Coupon: | 4.75%
|
| Price: | 99.936
|
| Yield: | 4.754%
|
| Call features: | Make-whole call before Sept. 26, 2047 at greater of par and Government of Canada yield plus 60.5 bps; thereafter at par
|
| Change-of-control put: | 101%
|
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