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Pembina Pipeline Corporation announces public note offering

Published by , Editorial Assistant
World Pipelines,

Pembina Pipeline Corporation (Pembina) has announced that it has agreed to issue US$500 million of senior unsecured medium-term notes (the Offering). The Offering will be conducted in two tranches consisting of US$400 million in senior unsecured medium-term notes, series 16 (the Series 16 Notes) having a fixed coupon of 4.67% per annum, paid semi-annually, and maturing on 28 May, 2050; and US$100 million principal amount to be issued through a re-opening of the Company's 3.71% medium-term notes, series 7, due 11 August, 2026 (the Series 7 Notes).

Closing of the Offering is expected to occur on 28 May, 2020 and the net proceeds are intended to be used to repay indebtedness of the Company under its unsecured US$2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the US portion of the Cochin Pipeline system, as well as to fund Pembina's capital program and for general corporate purposes.

The Series 16 Notes and the re-opening of the Series 7 Notes are being offered through a syndicate of dealers under Pembina's short-form base shelf prospectus dated 30 August, 2019, as supplemented by related pricing supplements dated 26 May, 2020.

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