Pembina Pipeline Corp. - 2016-01-06

Underwriters will purchase 6 million Series 11 preferred shares priced at C$25 each, for distribution to the public. Scotiabank, BMO Capital Markets and RBC Capital Markets co-led the underwriters. They were granted an option to purchase an additional 2 million shares. Shares are redeemable by Pembina on March 1, 2021, and on March 1 of every fifth year thereafter at $25 each, plus accrued and unpaid dividends. They can be converted into Series 12 preferred shares on March 1, 2021, and on March 1 of every fifth year thereafter. Offer is scheduled to close on Jan. 15. Net proceeds will pay debts under the credit facilities and support capex and working capital requirements.