Pembina Pipeline (PBA) Announces $950M Notes Offering

Pembina Pipeline Corporation (NYSE: PBA) announced today that it has agreed to issue $950 million aggregate principal amount of senior unsecured medium-term notes (the "Offering"). The Offering will be conducted in three tranches consisting of: (i) $650 million principal amount of senior unsecured medium-term notes, series 23 (the "Series 23 Notes") having a fixed coupon of 5.22% per annum, paid semi-annually, and maturing on June 28, 2033; (ii) $150 million principal amount to be issued through a re-opening of the Company's senior unsecured medium-term notes, series 20 (the "Series 20 Notes") having a fixed coupon of 5.02% per annum, paid semi-annually, and maturing on January 12, 2032; and (iii) $150 million principal amount to be issued through a re-opening of the Company's senior unsecured medium-term notes, series 22 (the "Series 22 Notes") having a fixed coupon of 5.67% per annum, paid semi-annually, and maturing on January 12, 2054.

Closing of the Offering is expected to occur on June 28, 2024. Pembina intends to use the net proceeds of the Offering: (i) to repay indebtedness of the Company under its unsecured $1.5 billion revolving credit facility maturing in June 2029; (ii) to fund the previously announced redemption by the Company of $150 million aggregate principal amount of its $300 million aggregate principal amount of 5.72% Medium Term Notes, Series 19 (the "Series 19 Notes") due June 22, 2026; and (iii) for general corporate purposes.

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 December 20, 2023, as supplemented by related pricing supplements dated June 26, 2024.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction. The notes being offered have not been approved or disapproved by any regulatory authority. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States.

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