Pembina Pipeline Corporation Announces $950 Million Public Offering of Notes

CALGARY, Alberta, June 27, 2024–(BUSINESS WIRE)–Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today that it has agreed to issue unsecured medium-term notes of aggregate principal amount of $950 million. (the “Offer”). The offering will be made in three tranches comprising: (i) $650 million senior unsecured medium-term notes, series 23 (the “Series 23 Notes”) having a fixed coupon of 5, 22% per year, paid semi-annually. , and maturing on June 28, 2033; (ii) $150 million in principal amount to be issued in connection with a re-opening of the Company’s senior unsecured medium-term notes, Series 20 (the “Series 20 Notes”) having a fixed coupon of 5.02% per year, paid semi-annually, and maturing on January 12, 2032; and (iii) $150 million in principal amount to be issued in connection with a reopening of the Company’s senior unsecured medium-term notes, Series 22 (the “Series 22 Notes”) having a fixed coupon of 5.67% per year, paid semi-annually. and maturing on January 12, 2054.

Closing of the Offering is expected to occur on June 28, 2024. Pembina intends to use the net proceeds of the Offering: (i) to repay the Company’s indebtedness under its 1.5% unsecured revolving credit facility. billion dollars maturing in June 2029; (ii) to finance the Company’s previously announced repurchase of $150 million aggregate principal amount of its $300 million aggregate principal amount of 5.72% Medium Term Notes, Series 19 (the “ 19” series notes) due June 22, 2026; and (iii) for general corporate purposes.

The Series 23 Notes and the Reopened Series 20 and Series 22 Notes are being offered through a syndicate of dealers under Pembina’s short form base shelf prospectus dated December 20, 2023, as supplemented by supplements related prices dated June 26, 2024.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction. The Notes offered have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States. United.

About Pembina

Pembina Pipeline Corporation is a leading provider of energy transportation and midstream services that has served the North American energy industry for 70 years. Pembina has an integrated network of liquid hydrocarbon and natural gas pipelines, gas gathering and processing facilities, infrastructure and logistics services for oil and natural gas liquids, as well as a export terminals. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers around the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

The story continues

Pembina Purpose: We deliver extraordinary energy solutions so the world can prosper.

Pembina is structured into three divisions: the Pipelines Division, the Facilities Division and the Marketing and New Ventures Division.

Pembina’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Statements and Information

This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation that are based on current policies of Pembina. expectations, estimates, projections and assumptions based on its experience and perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as “expect,” “intend,” “will,” “shall” and similar expressions suggesting future events or future performance.

In particular, this press release contains forward-looking statements with respect to: the Offering, including the expected closing date of the Offering and the intended use of the net proceeds of the Offering; and the partial redemption of the Series 19 Notes, including the occurrence thereof. These forward-looking statements are based on certain assumptions made by Pembina with respect thereto as of the date of this press release, including: levels of exploration and development activity in the oil and gas industry and the geographic region of such activity; that favourable market conditions exist; the success of Pembina’s operations; prevailing commodity prices, interest rates, carbon prices, tax rates and foreign exchange rates; Pembina’s ability to maintain its current credit ratings; the availability of capital to fund future capital requirements related to existing assets and projects; future operating costs; geotechnical and integrity costs; that all required regulatory and environmental approvals can be obtained on a timely basis; applicable regulatory, tax and environmental laws and regulations; maintenance of operating margins; and certain other assumptions regarding Pembina’s forward-looking statements detailed in Pembina’s annual information form for the year ended December 31, 2023 (the “AIF”) and management’s discussion and analysis for the year ended December 31, 2023 (the “Annual MD&A”), each of which was filed on SEDAR+ on February 22, 2024, in Pembina’s management’s discussion and analysis for the quarter ended March 31, 2024 (the “Interim MD&A”), which was filed on SEDAR+ on May 9, 2024, and from time to time in Pembina’s public disclosure documents available at www.sedarplus.ca, www.sec.gov and on the Pembina website at www.pembina.com.

These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, without limitation: environmental and regulatory decisions and consultation requirements of indigenous people and landowners; the impact of competitive entities and pricing; the use of third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default of counterparties to agreements with Pembina or one or more of its affiliates; actions taken by governmental or regulatory authorities; Pembina’s ability to acquire or develop infrastructure necessary for future development projects; fluctuations in operating results; unfavorable general economic and business conditions in Canada, North America and throughout the world; the ability to access various sources of debt and equity; changes in credit scores; counterparty credit risk; and certain other risks and uncertainties detailed in Pembina’s annual information form, annual management discussion and analysis, interim management discussion and analysis and, from time to time, in Pembina’s public disclosure documents available at www.sedarplus.ca, www.sec .gov and on the Pembina website at www.pembina.com. In addition, the closing of the offering and the partial redemption of the Series 19 Notes may not be completed, or may be delayed, if the conditions for their completion are not satisfied within the expected time frame, or at all. Accordingly, there is a risk that the Offering will not be completed and the Series 19 Notes will not be repurchased within the expected time frame on the terms currently proposed, or at all. Pembina’s intended use of the net proceeds of the offering may change if Pembina’s board of directors determines that it would be in Pembina’s best interest to apply the proceeds for other purposes and there can be no guarantee as to how or when these funds may be used.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, intended or projected. The forward-looking statements contained in this press release are expressly qualified by the statements above. Pembina undertakes no obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626224564/en/

Contacts

For more information:
Investor Relations
(403) 231-3156
1-855-880-7404
Email: [email protected]
www.pembina.com