Pembina to tender for Provident's 5.75% convertibles after acquisition

By Susanna Moon

Chicago, Jan. 17 - Pembina Pipeline Corp. said it plans a tender offer for two series of 5.75% convertible subordinated debentures due Dec. 31, 2017 and Dec. 31, 2018 issued by Provident Energy Ltd.

The tender offer is part of the terms of an agreement between the two companies in which Pembina agreed to acquire all of Provident's shares, according to a company press release.

Pembina will offer to buy the notes at par plus accrued interest within 30 days of the deal closing.

The conversion price of the two note series will be adjusted under the terms of the notes.

Calgary, Alta.-based Pembina, a wholly owned subsidiary of Pembina Pipeline Income Fund, provides a network of conventional liquids feeder pipelines to the western Canadian energy industry.

Calgary, Alta.-based Provident Energy owns and manages a natural gas liquids midstream services and marketing business.

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