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Pembina Pipeline Corp. has agreed to issue CA$950 million (US$693 million) in aggregate principal amount of senior unsecured medium-term notes, the midstream company said on June 26.
The offering will be conducted in three tranches consisting of a CA$650 million (US$474.67 million) principal amount of senior unsecured medium-term notes, series 23, with a fixed coupon of 5.22% per annum, paid semi-annually and maturing on June 28, 2033; a CA$150 million (US$109.5 million) principal amount to be issued through a re-opening of the company's senior unsecured medium-term notes, series 20, with a fixed coupon of 5.02% per annum, paid semi-annually, and maturing on Jan. 12, 2032; and a CA$150 million principal amount to be issued through a re-opening of the company's senior unsecured medium-term notes, series 22, with a fixed coupon of 5.67% per annum, paid semi-annually, and maturing on Jan. 12, 2054.
Pembina intends to use the net proceeds of the offering to repay its unsecured CA$1.5 billion (US$1.095 billion) revolving credit facility maturing in June 2029.
Proceeds may also be used to fund the previously announced redemption of CA$150 million aggregate principal amount of its CA$300 million (US$219 million) aggregate principal amount of 5.72% medium term notes, series 19, due in June 2026 or for general corporate purposes.
Closing of the Offering is expected to occur on June 28.
The Series 23 Notes and the re-opened Series 20 Notes and Series 22 Notes are being offered through a syndicate of dealers under Pembina's short form base shelf prospectus dated Dec. 20, 2023, as supplemented by related pricing supplements dated June 26.
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