By Cristal Cody
Tupelo, Miss., Jan. 9 – Pembina Pipeline Corp. priced an upsized C$1 billion of senior medium-term notes (BBB//DBRS: BBB) in three reopened tranches on Wednesday, according to additional details in final term sheets.
Pembina Pipeline priced a C$250 million tap of its 4.02% notes due March 27, 2028 at 106.236 to yield 3.129%.
The issue was upsized from C$150 million.
The company originally sold C$400 million of the bonds on March 22, 2018 at 99.992 to yield 4.021%. The total outstanding is now C$650 million.
Pembina Pipeline placed a C$500 million add-on to its 4.75% notes due March 26, 2048 at 109.819 to yield 4.15%.
The offering was upsized from C$300 million.
Pembina first sold C$300 million of the 2048 notes in the March 2018 offering at 99.936 to yield 4.754%. The total outstanding is now C$800 million.
Also, the issuer priced C$250 million of reopened 3.62% notes due April 3, 2029 at 103.224 to yield 3.204% in a deal upsized from C$150 million.
The tranche originally priced in a C$400 offering on April 1, 2019 at 99.967 to yield 3.624%. The total outstanding is now C$650 million.
CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. were the bookrunners.
Pembina Pipeline plans to use the proceeds to repay debt under the company’s C$2.5 billion revolving credit facility due May 31, 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund its capital program and for general corporate purposes.
The transportation and midstream service provider for the energy industry is based in Calgary, Alta.
| Issuer: | Pembina Pipeline Corp.
|
| Amount: | C$1 billion
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., AltaCorp Capital Inc. and J.P. Morgan Securities Canada Inc.
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 10
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| Series 10 notes
|
| Amount: | C$250 million reopening
|
| Maturity: | March 27, 2028
|
| Securities: | Senior medium-term notes
|
| Coupon: | 4.02%
|
| Price: | 106.236
|
| Yield: | 3.129%
|
| 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%
|
| Total outstanding: | C$650 million, including C$400 million of notes priced March 22, 2018 at 99.992 to yield 4.021%
|
|
|
| Series 11 notes
|
| Amount: | C$500 million reopening
|
| Maturity: | March 26, 2048
|
| Coupon: | 4.75%
|
| Price: | 109.819
|
| Yield: | 4.15%
|
| 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%
|
| Total outstanding: | C$800 million, including C$300 million of notes priced March 22, 2018 at 99.936 to yield 4.754%
|
|
|
| Series 12 notes
|
| Amount: | C$250 million reopening
|
| Maturity: | April 3, 2029
|
| Coupon: | 3.62%
|
| Price: | 103.224
|
| Yield: | 3.204%
|
| Call features: | Make-whole call before Jan. 3, 2029 at greater of par and Government of Canada yield plus 47.5 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Total outstanding: | C$650 million, including C$400 million of notes priced April 1, 2019 at 99.967 to yield 3.624%
|
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