Pembina announces March dividend and the closing of its term loan
Published by Lydia Woellwarth,
Editor
World Pipelines,
Pembina Pipeline Corporation announced recently that its Board of Directors declared a common share cash dividend for March 2018 of CAN$0.18 per share to be paid, subject to applicable law, on 15 April 2018 to shareholders of record on 25 March 2018. This dividend is designated an ‘eligible dividend’ for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered ‘qualified dividends’ and may be subject to Canadian withholding tax.
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Payment policy
Pembina pays cash dividends on its common shares in Canadian dollars on a monthly basis to shareholders of record on the 25th calendar day of each month (except for the December record date, which is 31 December), if, as and when determined by the Board of Directors. Should the record date fall on a weekend or a statutory holiday, the effective record date will be the previous business day. The dividend payment date is the 15th of the month following the record date. Should the payment date fall on a weekend or on a holiday the business day prior to the weekend or holiday becomes the payment date.
Closing of term loan and credit facility extension
Pembina has closed its previously announced CAN$1 billion non-revolving term loan with certain existing lenders. The term loan will be used to partially repay existing amounts drawn under Pembina's CAN$2.5 billion revolving credit facility, thereby providing additional liquidity, flexibility and interest cost savings. The term loan will have an initial term of three years and is pre-payable at the company's option. The other terms and conditions of the term loan, including financial covenants, are substantially similar to Pembina's CAN$2.5 billion revolving credit facility. Concurrently, Pembina also completed an extension of its CAN$2.5 billion revolving credit facility, which now matures 31 May 2023.
Read the article online at: https://www.worldpipelines.com/business-news/12032018/pembina-announces-march-dividend-and-the-closing-of-its-term-loan/
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