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Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) has announced its intention to redeem all or part of its outstanding $300 million senior unsecured medium-term notes, series 19, due 22 June 2026. The redemption is set for 6 July 2024, at a price of approximately $1,002.19 for every $1,000 principal amount, which includes the principal plus accrued but unpaid interest up to the redemption date.
Redemption Details
Pembina plans to redeem the Series 19 Notes at a price of $1,002.19 per $1,000 principal amount[p;’[. The redemption is contingent upon the successful completion of an offering of debt securities by Pembina on satisfactory terms and conditions.
Conditions and Procedures
The redemption is conditional upon Pembina completing an offering of debt securities on terms satisfactory to the company. Detailed terms and conditions will be provided in the official notice of redemption, which will be delivered to CDS Clearing and Depository Services Inc., the sole registered holder of the Series 19 Notes, in line with the trust indenture governing these notes.
Non-registered holders of Series 19 Notes who maintain their interest through CDS should contact their CDS customer service representative for any questions regarding the redemption. Alternatively, non-registered holders should reach out to their broker or financial intermediary for further details.
Background Information
The Series 19 Notes were issued under pricing supplement no. 5, dated June 20, 2023, to Pembina's short form base shelf prospectus dated November 29, 2021. These notes have been a part of Pembina's financial strategy, providing the company with necessary capital for its various projects and operations.
About Pembina Pipeline Corporation
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for 70 years. The company operates an extensive pipeline network and storage facilities, supporting the transportation of oil, gas, and natural gas liquids across the continent. Pembina's strategic initiatives and robust financial performance have solidified its reputation as a key player in the energy sector.
Strategic Financial Management
Pembina's decision to redeem the Series 19 Notes aligns with its ongoing efforts to manage its debt efficiently and maintain a strong financial position. By redeeming these notes, Pembina aims to optimize its capital structure and potentially take advantage of more favorable financing terms through the issuance of new debt securities.
Investor Communication
The company emphasizes that non-registered holders of the Series 19 Notes should direct any questions regarding the redemption to their brokers or financial intermediaries who hold interests in the notes on their behalf. This approach ensures that all investors receive accurate and timely information about the redemption process.
