Pembina Pipeline Corporation Announces Closing of $250 Million Preferred Share
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
All financial figures are in Canadian dollars, unless otherwise noted.
CALGARY, July 26, 2013 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the
"Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its
previously announced public offering of 10,000,000 cumulative redeemable rate
reset class A preferred shares, series 1 (the "Series 1 Preferred Shares") at
a price of $25.00 per Series 1 Preferred Share (the "Offering") for aggregate
gross proceeds of $250 million. This includes the previously announced
underwriters' option to purchase an additional 2,000,000 Series 1 Preferred
Shares at a price of $25.00 per share, which was exercised in full.
The Offering was first announced on July 17, 2013 when Pembina entered into an
agreement with a syndicate of underwriters led by RBC Capital Markets and
Proceeds from the offering will be used to partially fund capital projects, to
reduce short-term indebtedness and for other general corporate purposes of the
Company and its affiliates.
The Series 1 Preferred Shares will begin trading on the Toronto Stock Exchange
today under the symbol PPL.PR.A.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy the Series 1 Preferred Shares in any jurisdiction. The Series 1
Preferred Shares to be offered have not been and will not be registered under
the United States Securities Act of 1933, as amended, or under any state
securities laws, and may not be offered or sold within the United States.
Calgary-based Pembina Pipeline Corporation is a leading transportation and
midstream service provider that has been serving North America's energy
industry for nearly 60 years. Pembina owns and operates: pipelines that
transport conventional and synthetic crude oil and natural gas liquids
produced in western Canada; oil sands and heavy oil and diluent pipelines; gas
gathering and processing facilities; and, an oil and natural gas liquids
infrastructure and logistics business. With facilities strategically located
in western Canada and in natural gas liquids markets in eastern Canada and the
U.S., Pembina also offers a full spectrum of midstream and marketing services
that span across its operations. Pembina's integrated assets and commercial
operations enable it to offer services needed by the energy sector along the
hydrocarbon value chain.
Forward-Looking Information and Statements
This document contains certain forward-looking statements and information
(collectively, "forward-looking statements") within the meaning of the "safe
harbor" provisions of applicable securities legislation that are based on
Pembina's current expectations, estimates, projections and assumptions in
light of its experience and its perception of historical trends. In some
cases, forward-looking statements can be identified by terminology such as
"plans", "expects", "proposes", "projects", "will", "estimates",
"anticipates", "develop", "could" and similar expressions suggesting future
events or future performance.
This news release contains certain forward-looking information and statements
that are based on Pembina's current expectations, estimates, projections and
assumptions in light of its experience and its perception of historical
trends. In this news release, such forward-looking information and statements
can be identified by terminology such as "to be", "expects", "projects" and
In particular, this news release contains forward-looking statements and
information relating to the planned use of proceeds. These forward-looking
statements and information are being made by Pembina based on certain
assumptions that Pembina has made in respect thereof as at the date of this
document, including: that favourable growth parameters continue to exist in
respect of current and future growth projects (including the ability to
finance such projects on favourable terms); and that Pembina's businesses will
continue to achieve sustainable financial results. These forward-looking
statements are not guarantees of future performance and are subject to a
number of known and unknown risks and uncertainties, including, but not
limited to: non-performance of agreements in accordance with their terms; the
impact of competitive entities and pricing; reliance on key industry partners,
alliances and agreements; the strength and operations of the oil and natural
gas production industry and related commodity prices; the continuation or
completion of third-party projects; regulatory environment and inability to
obtain required regulatory approvals; tax laws and treatment; fluctuations in
operating results; the ability of Pembina to raise sufficient capital to
complete future projects and satisfy future commitments; construction delays;
labour and material shortages; and certain other risks detailed from time to
time in Pembina's public disclosure documents including, among other things,
those detailed under the heading "Risk Factors" in Pembina's management's
discussion and analysis and annual information form for the year ended
December 31, 2012, which can be found at www.sedar.com. The intended use of
the net proceeds of the offering by Pembina may change if the board of
directors of Pembina determines that it would be in the best interests of
Pembina to deploy the proceeds for some other purpose.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted, forecasted or projected.
Such forward-looking statements are expressly qualified by the above
statements. Pembina does not undertake any obligation to publicly update or
revise any forward-looking statements or information contained herein, except
as required by applicable laws.
Pembina Pipeline® is a registered trademark of Pembina Pipeline Corporation.
SOURCE Pembina Pipeline Corporation
Investor Inquiries: Scott Burrows Vice President, Corporate Development &
Investor Relations (403) 231-3156 1-855-880-7404
Media Inquiries: Shawn Davis Manager, Communications & Public Affairs (403)
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CO: Pembina Pipeline Corporation
NI: OIL NEWSTK
-0- Jul/26/2013 13:22 GMT
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