PEMBINA PIPELINE CORP

Pembina agreed to issue $1.8 billion of senior unsecured notes in three $600 million parts: Series 20 at 5.02% due Jan 12, 2032, Series 21 at 5.21% due Jan 12, 2034, and Series 22 at 5.67% due Jan 12, 2054. Proceeds are intended to fund part of the Alliance, Aux Sable and NRGreen purchase from Enbridge, repay the $1.5 billion revolver, and cover general corporate purposes. The Series 20 and 21 notes must be redeemed at 101% of principal plus accrued interest if the acquisition has not closed by 5:00 p.m. Calgary time on October 1, 2024, or if the deal is terminated or abandoned. This is the debt side of funding the acquisition announced in December 2023.

debt financing

Pembina agreed to buy all of Enbridge's interests in the Alliance pipeline, Aux Sable and NRGreen ventures for about $3.1 billion, including about $327 million of assumed debt. Pembina already owns 50% of Alliance and of Aux Sable's Canadian operations and NRGreen, and about 42.7% of Aux Sable's U.S. operations; these are interests that came with the 2017 Veresen deal. After closing it would own 100% of those and about 85.4% of the U.S. operations. The cash is to come from a $1.1 billion bought-deal sale of 26,000,000 subscription receipts at $42.85 each, plus credit facility draws and cash on hand. Each receipt converts into one Pembina common share when the deal closes, so shareholders face dilution. Closing is expected in the first half of 2024, pending approvals including Competition Act, Canada Transportation Act, U.S. antitrust and FCC approvals. Pembina also paid about $145 million to Aux Sable to settle claims with a third party over a natural gas liquids supply agreement, which the filing says matches provisions it had already recorded. The text is truncated, so the dividend-equivalent payment terms are not visible.

capital raising announcement

Cedar LNG, the Kitimat B.C. project with Haisla Nation, received its B.C. Environmental Assessment Certificate and signed a non-binding MOU with ARC Resources for a 20-year liquefaction agreement covering 1.5 million tonnes per year, about half of the 3 million tonne capacity. A first permit for the roughly 8.5 km connecting pipeline was also issued. Pembina's stated target for a final investment decision is now Q3 2023 (earlier context said 2023); this resolves the environmental-assessment item and gives the project its first customer, but the ARC deal is not yet definitive.

material agreement

Pembina gave 2023 guidance of $3.5 to $3.8 billion adjusted EBITDA and a $730 million capital program, and said Pembina Gas Infrastructure (the 60/40 KKR venture closed in August 2022) agreed to sell its 50% non-operated Key Access Pipeline System interest for $662.5 million. This is the Key Access sale that was required under the Competition Bureau agreement noted in July 2022. Proceeds will repay credit facilities that funded KAPS construction, closing is expected in Q1 2023 subject to the Competition Commissioner's approval, and Pembina expects to put in about $50 million more equity through end of 2023. Pembina also said it plans to reactivate the Nipisi Pipeline (Q3 2023), expects a final decision on a 55,000 barrel-per-day Redwater fractionator in Q1 2023, remains on target to buy back $350 million of shares in 2022 and redeemed $300 million of preferreds, and plans to direct 2023 excess cash flow to debt repayment. The text is truncated.

asset acquisition disposition

Pembina closed its joint venture with KKR, creating Pembina Gas Infrastructure (PGI), a western Canadian gas processing business with combined capacity of 5 billion cubic feet per day, owned 60% by Pembina (which operates it) and 40% by KKR's infrastructure funds. This completes the deal announced March 1, 2022. The previously approved dividend increase of $0.0075 to $0.2175 per month (3.6%) now takes effect, with the first increased dividend expected to be declared in early September 2022 and paid on or about October 14, 2022. The release does not state the cash proceeds, debt repayment or buyback amounts.

business combination

Canada's Competition Bureau issued a no-action letter for the KKR joint venture announced March 1, 2022, which the release describes as the final regulatory approval. Closing is expected in August 2022 subject to remaining conditions. As part of an agreement with the Bureau, Pembina and KKR's funds will sell the 50% non-operated interest in the Key Access Pipeline System that goes into Newco, which fits the post-closing sale already planned.

joint venture update

Pembina signed agreements with KKR to merge their western Canadian gas processing assets into a new joint venture ('Newco') owned 60% by Pembina and 40% by KKR funds, with Pembina as operator. Pembina contributes its field-based gas processing assets and its 45% of Veresen Midstream (KKR holds the other 55%), and Newco also takes in Energy Transfer Canada, buying Energy Transfer's remaining 51%. Total ascribed value is $11.4 billion; Pembina expects about $700 million of after-tax cash on closing, roughly $550 million for debt repayment and $150 million for more share buybacks, and intends to raise its dividend by $0.0075 per month (3.6%) on closing. Newco has $4.75 billion of credit commitments and would be equity-accounted rather than consolidated. Closing is subject to conditions, and the visible text is truncated. Scott Burrows is now signing as CEO, and the Inter Pipeline deal is not mentioned in this text.

joint venture update

Pembina agreed a partnership with the Haisla Nation on the proposed Cedar LNG project, a floating LNG facility in Kitimat, B.C. Pembina will buy the stakes held by PTE Cedar LP and Delfin Midstream Inc., ending up with about 50% (Haisla Nation the other 50%), and will take over as operator. It expects to spend about US$90 million over the next 24 months before a final investment decision, which is targeted for 2023, with an in-service date planned for 2027. Gross project cost is estimated at US$2.4 billion (about C$3.0 billion). It is a new LNG growth project, separate from the Inter Pipeline deal and from the Jordan Cove LNG interest from the Veresen purchase. Regulatory and environmental approvals are still outstanding (environmental assessments are under way), and the release gives no financing plan for the full project cost.

regulatory community update

Pembina filed the arrangement agreement dated May 31, 2021 to acquire all the common shares of Inter Pipeline Ltd. (IPL) through a court-approved plan of arrangement, with IPL shareholders receiving Pembina common shares. IPL's board unanimously backed the sale on the recommendation of its independent committee. The agreement refers to an existing competing bid from Brookfield (Bison Acquisition Corp.) and sets conditions including Competition Act and Canada Transportation Act approvals; the visible text does not give the exchange ratio, termination fees or IPL share count, as the filing is truncated. This is a major new deal that would dilute current Pembina holders if it closes (inference from share consideration), and a support agreement is listed as a second exhibit but is not shown.

business combination

Pembina announced the Toronto Stock Exchange accepted its notice for a share buyback of up to 5% of its common shares, which is up to 27,497,469 of the 549,949,384 shares outstanding as of February 16, 2021. Buying can run from March 2, 2021 to March 1, 2022, and bought shares will be cancelled. Pembina says how much it buys depends on factors including cash left after dividends and capital needs, and the returns compared with other uses of cash such as new projects and debt reduction. The filing does not commit it to buy any shares.

security holder rights change

Pembina closed the $600 million 4.80% subordinated notes offering due 2081 and gave notice that it will redeem all 6,800,000 Series 11 preferred shares on March 1, 2021 at $25.00 each, a total of $170 million, paid from the offering proceeds. A final quarterly dividend of $0.359375 per share is payable on the same date to holders of record February 1. Proceeds are also intended for redeeming the Series 13 preferreds, but no Series 13 redemption is announced here. This continues the thread opened on January 12.

debt financing

Pembina priced a $600 million offering of 4.80% subordinated notes (Series 1) due January 25, 2081, expected to close around January 25, 2021. It plans to use the proceeds to redeem or repurchase its Series 11 (PPL.PR.K) and Series 13 (PPL.PR.M) preferred shares, repay other debt, and for general corporate purposes. This is a new thread: replacing preferred shares with long-dated debt, under a new base shelf prospectus dated December 30, 2020.

debt financing

Pembina agreed to issue $1 billion of senior unsecured medium-term notes, as re-openings of existing notes: $250 million of 4.02% Series 10 due March 27, 2028, $500 million of 4.75% Series 11 due March 26, 2048, and $250 million of 3.62% Series 12 due April 3, 2029. It expects net proceeds of $1.07 billion, closing January 10, 2020. The proceeds are intended to repay borrowings under the $2.5 billion revolving credit facility that funded the Cochin US purchase, plus the capital program and general corporate purposes. This is the refinancing of Cochin US acquisition debt that the company said in August it expected to do with medium-term notes. The release gives the credit facility's maturity as May 31, 2024, whereas earlier context said May 31, 2023.

debt financing

Pembina completed the Kinder Morgan Canada (KML) acquisition and the US Cochin pipeline purchase, earlier than the first-half 2020 timing first announced. KML holders received 0.3068 of a Pembina common share per restricted voting share or Class B Unit, which dilutes existing Pembina holders. KML preferred holders received new Pembina preferreds (Series 23 and 25) one-for-one. Cochin US was bought for about $2.05 billion cash using Pembina's existing unsecured credit facility, and Pembina assumed KML's $500 million credit facility and converted it to a non-revolving term loan maturing August 31, 2022. The monthly dividend is confirmed to rise to $0.21, with the first increased dividend expected to be declared in early January 2020 and paid around February 15. 2020 guidance is adjusted EBITDA of $3.25 to $3.55 billion and a capital budget of $2.3 billion. This resolves the main open thread in the KML/Cochin deal. The filing text is truncated, so the remainder of the business update is not visible.

business combination

Pembina and Kinder Morgan Canada received a 'no-action letter' from the Competition Bureau, meaning the Commissioner does not intend to challenge the KML acquisition. Pembina says this satisfies the last material regulatory condition, and it now expects the deal to close in December 2019, earlier than the first-half 2020 timing announced in August. Still needed: KML shareholder approval at a December 10, 2019 special meeting, the Alberta court's final order the same day, and the simultaneous closing of the Cochin US purchase from Kinder Morgan, Inc.

business combination

Pembina closed a $1.5 billion offering of senior unsecured medium-term notes in three parts: $600 million Series 14 at 2.56% due June 1, 2023; $600 million Series 15 at 3.31% due February 1, 2030; and $300 million added to its existing 4.54% Series 13 notes due April 3, 2049. Proceeds will repay short-term debt under its unsecured $1.0 billion non-revolving term loan due March 2021, and fund the capital program and general corporate purposes. The release does not link the offering to the KML/Cochin US deal, though that deal's financing was to be refinanced with medium-term notes (any connection is an inference, not stated). It adds new long-term debt to Pembina's note stack.

capital raising announcement

Pembina agreed to buy Kinder Morgan Canada (KML) and the U.S. part of the Cochin Pipeline from Kinder Morgan, Inc. for about $4.35 billion in total. KML, valued at about $2.3 billion including its preferred shares and net debt, would be bought for 0.3068 of a Pembina share per KML security, so existing Pembina holders are diluted; Cochin US costs US$1.546 billion in cash (about $2.05 billion), funded first from the $2.5 billion credit facility and a new $1 billion committed term facility, with Pembina expecting to refinance with medium-term notes. Pembina expects the assets to produce about $350 million of adjusted EBITDA in 2019 and says it will raise the monthly dividend by $0.01 (about 5%) on closing. Closing is expected in the first half of 2020 and needs KML shareholder approval (with Kinder Morgan, Inc. holding about 70% of the votes and committed to vote in favour), court and regulatory approvals; the two parts are cross-conditional.

business combination

Pembina declared its March 2018 common dividend of $0.18 per share, payable April 15, 2018 to holders of record March 25, unchanged. It also closed a previously announced $1 billion non-revolving term loan with existing lenders, with an initial three-year term and prepayable at its option, to partly repay amounts drawn on its $2.5 billion revolving credit facility. That facility was extended and now matures May 31, 2023. The release states the loan provides additional liquidity, flexibility and interest cost savings; this adds to the credit facility drawn to pay part of the Veresen deal.

dividend declaration

Pembina filed the formal report on its October 2, 2017 acquisition of Veresen. The price was 99,465,826 new Pembina common shares plus $1,522,501,087 in cash, with the cash paid from cash on hand and a draw on Pembina's credit facility; this fills in the share count and cash amount that were not stated at closing. Veresen's preferred shares were exchanged for Pembina preferred shares now listed as PPL.PR.O, .Q and .S. The report describes Veresen's holdings (50% of Alliance Pipeline, a 50% convertible preferred interest in Ruby Pipeline, AEGS, a 47% interest in Veresen Midstream, Aux Sable stakes, Jordan Cove and Pacific Connector, and an ethane storage facility under construction near Burstall, Saskatchewan). Pro forma figures in the filing show total assets of about $23.8B and non-current loans and borrowings of about $7.35B against $4.7B for Pembina alone as of June 30, 2017, so debt rises materially.

business combination

Pembina completed its acquisition of Veresen Inc. by plan of arrangement, a deal valued at about $9.4 billion including assumed debt and preferred shares. Veresen was amalgamated into Pembina, and its preferred shares were exchanged for Pembina preferred shares on the same terms (series 15, 17 and 19). Veresen common holders get either 0.4287 of a Pembina share per share, or, if they elected cash, a pro-rated mix of about $6.4314 cash plus about 0.2809 of a Pembina share per Veresen share, so existing Pembina holders are diluted by the new shares issued. Pembina also raised its monthly common dividend 5.9% from $0.17 to $0.18 (October dividend payable November 15 to holders of record October 25). The Competition Bureau review of the Alberta Ethane Gathering System (about 1% of forecast 2018 adjusted EBITDA) is ongoing and could be referred to the Competition Tribunal for up to a year. Business update: Phase III was placed in service June 30, 2017 (earlier than the July expectation); the Duvernay complex is expected in service November 1, 2017, ahead of schedule and under budget; the NEBC Expansion (about 75,000 bpd) is expected to finish in October. About $2.8 billion of projects a

business combination

Pembina and Petrochemical Industries Co. of Kuwait (PIC) signed 50/50 joint venture agreements and formed Canada Kuwait Petrochemical Corporation to pursue the proposed propane-to-polypropylene facility in Sturgeon County, Alberta. The venture will now start front end engineering design, expected to finish by late 2018 and cost about 2.0-2.5% of the project's current estimate of $3.8-4.2 billion (gross); each partner still has to make a final investment decision after that. This names the previously unnamed partner on the project that won $300 million of Alberta royalty credits, and moves it forward without yet committing to build.

joint venture update

Pembina raised its monthly common dividend 6.25% from $0.16 to $0.17 per share (its sixth consecutive annual increase), with the April dividend payable May 15, 2017 to holders of record April 25. It also approved $325 million of further pipeline expansions: Phase IV (two pump stations on the Fox Creek to Namao 24-inch line, about $75M, adding ~180,000 bpd, late 2018 subject to approvals) and Phase V (a new ~95 km 20-inch Lator to Fox Creek pipeline, $250M, ~260,000 bpd, approved, late 2018), both backed by take-or-pay contracts. Phase III is now expected in service July 2017, slightly under budget. Pembina expects 2018 adjusted EBITDA of $1.8-1.9 billion and raised its estimated capital cost savings from about $225M to about $275M; this is consistent with the earlier $600M-$950M incremental EBITDA target and counts the 2016 Kakwa River acquisition, which this release treats as completed.

dividend declaration

Pembina declared its March 2017 common dividend of $0.16 per share, payable April 15, 2017 to holders of record March 25. It also suspended its dividend reinvestment plan (DRIP) until further notice, effective April 25, 2017, so dividends from April onward (payable May 15) will be paid in cash. Pembina says it suspended the plan because of the near-term completion of its largest capital spending program and its balance sheet strength, and that fee-for-service contracts support funding new projects without further equity; this ends the DRIP that raised $450M in 2016.

dividend declaration

Pembina agreed to issue $600 million of senior unsecured medium-term notes in two $300 million tranches: Series 8 at 2.99% maturing January 22, 2024, and Series 9 at 4.74% maturing January 21, 2047, with closing expected January 20, 2017. Proceeds will repay short-term credit facility debt, fund the capital program and cover general corporate purposes, continuing the pattern of replacing credit facility borrowings with notes seen in the Series 7 deal in August 2016.

debt financing

Pembina's board approved a 2017 capital program of about $1.9 billion (Conventional Pipelines $1,140M, Midstream $540M, Gas Services $165M, Oil Sands and Heavy Oil $25M), mostly to finish about $4 billion of projects, including the Phase III expansion expected in service mid-2017. It expects an extra $600 million to $950 million of EBITDA in 2018 from 2016 and 2017 assets. 2016 capital spending is expected at $1.9 billion versus an original $2.1 billion budget. Pembina and a partner were also selected for $300 million of Alberta royalty credits for a proposed propane dehydrogenation and polypropylene facility costing $3.8 to $4.2 billion (gross), which could be in service by 2021 but still needs a final investment decision and approvals. The release cites a $2.5 billion credit facility (the context showed $2 billion) and says 2016 raised $420M preferred shares, $345M common equity, $450M through the dividend reinvestment plan and $500M of notes.

regulatory community update

Pembina closed the $500 million Series 7 note offering announced August 8: 3.71% fixed coupon, paid semi-annually, maturing August 11, 2026. Proceeds go to repay short-term credit facility debt, fund the capital program and general corporate purposes, as previously stated. This completes the offering announced three days earlier.

capital raising announcement

Pembina agreed to issue $500 million of senior unsecured medium-term notes (Series 7) at a fixed 3.71% a year, maturing August 11, 2026, with closing expected August 11, 2016. Proceeds will repay short-term credit facility debt, fund the capital program and cover general corporate purposes; this continues the pattern of paying down credit facility borrowings with long-term note money.

debt financing

Pembina received Alberta Energy Regulator approval to build the two Fox Creek to Namao pipelines (24-inch and 16-inch, each about 270 km) that are part of the Phase III expansion. This resolves the approval and court-stay uncertainty from March 16. Pembina says the project is tracking on time and under budget and still expects the whole Phase III program in service by mid-2017. The 16-inch line, previously described as pending commercial support, is now included in the approval.

regulatory community update

Pembina closed the common share offering at 10,148,750 shares at $34.00, including all 1,323,750 over-allotment shares, for about $345 million gross. Net proceeds plus existing credit facilities are earmarked for the proposed Paramount Resources gas processing acquisition, and the use may change if that deal does not complete. This completes the offering announced March 17 and increases shares outstanding.

capital raising announcement

Pembina set the terms of the common share bought deal flagged on March 17: 8,825,000 shares at $34.00 each for about $300 million, plus an option for up to 1,323,750 more (up to $45 million extra), with closing expected around March 29, 2016. Proceeds, together with existing credit facilities, will fund the purchase of the Paramount Resources gas processing assets. New shares dilute existing holders' ownership percentage.

capital raising announcement

Pembina said the Alberta Court of Queen's Bench temporarily blocked the Alberta Energy Regulator from issuing its written decision on the Fox Creek to Namao pipeline (part of the Phase III expansion), after a last-minute application by the Alexander First Nation. The AER decision was due by March 17, 2016 (90 days after the hearing closed); the Court did not consider the merits and ordered the application be heard quickly. Pembina says it expects the Court to reach the same result as the AER, which earlier rejected Alexander's arguments, and still expects to finish the project on time and on budget. This delays the approval step noted as pending in the context.

regulatory community update

Pembina agreed to buy Paramount Resources' Kakwa sour gas processing complex and related pipelines, plus plans and rights for a future '6-18' sour gas facility, for about $556 million cash. The Kakwa plant adds 250 million cubic feet per day of capacity next to Pembina's Cutbank Complex, backed by a 20-year take-or-pay services agreement with Paramount. Pembina also agreed to spend about $35 million on a debottlenecking project. Closing awaits Competition Act approval, expected in the second quarter of 2016. It will be funded by a concurrently announced common share bought deal and its $2 billion revolving credit facility (up from the $1.5 billion in the earlier context). The board also raised the monthly dividend from $0.1525 to $0.16 (4.9%), starting with the dividend payable May 13, 2016 to holders of record April 25, the fifth consecutive annual increase.

business combination

Pembina closed the common share bought deal at 15,335,250 shares at $30.00, including 2,000,250 shares from the over-allotment option exercised in full, for about $460 million gross. Proceeds are for the $6.5 billion suite of secured growth projects, reducing short-term debt and general purposes; buyers holding shares on November 25 get the December 15 dividend. This completes the offering announced November 10 and increases the number of shares outstanding.

capital raising announcement

Pembina announced a bought deal to sell 13,335,000 new common shares at $30.00 each for about $400 million, with an option for 2,000,250 more (up to $60 million extra), closing expected around November 19, 2015. Proceeds are to partly fund its $6.5 billion suite of secured growth projects, reduce short-term debt from its capital program and for general purposes. Issuing new shares dilutes existing holders' ownership percentage; this is the first common share issue in the history seen since the March 2013 bought deal.

capital raising announcement

Pembina closed the $600 million note offering announced June 11: $500 million of 4.24% Series 6 notes due June 15, 2027, and a $100 million reopening of its 4.75% Series 3 notes due April 30, 2043. Net proceeds go to repay short-term credit facility debt, fund the capital program and for general purposes. This confirms the closing expected on June 16.

capital raising announcement

Pembina announced a $600 million offering of senior unsecured medium-term notes in two parts: $500 million of 4.24% Series 6 notes maturing June 15, 2027, and $100 million added to its existing 4.75% notes due April 30, 2043. Closing is expected June 16, 2015, with proceeds to repay short-term credit facility debt, fund the capital program and for general purposes. This is the second $600 million note offering of 2015, after the one in January/February.

debt financing

Pembina raised its monthly common dividend 5.2%, from $0.145 to $0.1525 per share, and declared the $0.1525 dividend payable June 15, 2015 to holders of record on May 25. The release, quoted from Scott Burrows as CFO, calls it the fourth consecutive year of increases; it follows the May 2014 rise from $0.14 to $0.145.

dividend declaration

Pembina closed the Series 9 preferred share offering at 9,000,000 shares for $225 million gross, including 1,000,000 shares from a partial exercise of the underwriters' option. They trade as PPL.PR.I on the TSX, with expected dividends of $0.2969 quarterly and a first payment of $0.4685 on September 1, 2015. Proceeds will reduce credit facility debt from the 2015 capital program. This is the fifth preferred series.

capital raising announcement

Pembina launched a bought deal of 8,000,000 Series 9 preferred shares at $25 each ($200 million), with an option for 2,000,000 more. They pay a fixed 4.75% a year ($1.1875 per share) to December 1, 2020, then reset. Proceeds are to reduce credit facility debt incurred for the 2015 capital program, with closing expected April 10, 2015. The 'About Pembina' text now mentions ethane produced in North Dakota, consistent with the Vantage pipeline now being part of the business (an inference; this filing does not mention the acquisition closing).

capital raising announcement

Pembina closed the $600 million note offering announced January 28: $450 million of 3.54% notes due February 3, 2025 and a $150 million reopening of its 4.75% notes due April 30, 2043. Net proceeds go to reduce short-term credit facility debt, fund the capital program and for general purposes.

capital raising announcement

Pembina announced a $600 million offering of senior unsecured medium-term notes in two parts: $450 million of 3.54% notes maturing February 3, 2025, and $150 million added to its existing 4.75% notes due April 30, 2043. Proceeds are to reduce short-term credit facility debt, fund the capital program and for general purposes. This adds to the $600 million of notes issued in April 2014.

debt financing

Pembina filed regulatory applications with the Alberta Energy Regulator for the Fox Creek to Namao Junction segment of its previously announced $2 billion Phase III expansion: a new 24-inch, roughly 270 km pipeline with initial capacity of 320,000 bpd. It also applied for a second 16-inch line, but a decision to build it awaits commercial support and is expected later this year. In-service is expected between late 2016 and mid-2017, subject to approval.

regulatory community update

Pembina agreed to buy the Vantage ethane pipeline (about 700 km, 40,000 bpd, North Dakota to near Empress, Alberta) and Mistral's interest in the Saskatchewan Ethane Extraction Plant from Riverstone Holdings affiliates for US$650 million. It will pay US$395 million in cash and US$255 million in common shares (5.61 million shares to the seller), and repay about US$224 million of Vantage bank debt at closing. About C$100 million of further capital spending is expected by end of 2015. It is expected to be neutral to cash flow per share in 2015 and accretive in 2016, and to close in Q4 2014 subject to National Energy Board, Competition Act, Canada Transportation Act and TSX approvals. This is Pembina's first move into the North Dakota Bakken area.

business combination

Pembina raised its monthly common dividend 3.6%, from $0.14 to $0.145 per share, and declared the $0.145 dividend payable June 13, 2014 to holders of record on May 25. The release is attributed to Mick Dilger as President and CEO, who is named as CEO here for the first time (earlier filings named Bob Michaleski). It cites growth projects totalling over $7 billion of potential projects. This follows the August 2013 increase to $0.14.

dividend declaration

Pembina closed a $600 million offering of senior unsecured medium-term notes at 4.81% a year, maturing March 25, 2044. Proceeds are to repay certain long-term debt as it matures, fund the capital program and for general purposes. This adds long-dated debt alongside the $450 million 3.77% notes due 2022 issued in 2012.

capital raising announcement

Pembina closed an offering of 10,000,000 Series 5 preferred shares for $250 million gross (trading as PPL.PR.E), upsized from an originally proposed 6,000,000 shares plus a 2,000,000-share underwriters' option because of investor demand. Proceeds are to partly fund the 2014 capital program, reduce credit facility debt and for general purposes. An initial dividend of $0.1507 per share is payable March 1, 2014, with future dividends expected at $0.3125 quarterly. This is the third preferred series after Series 1 and Series 3 in 2013.

capital raising announcement

Pembina closed a public offering of 6,000,000 Series 3 preferred shares for gross proceeds of $150 million, first announced September 23, 2013. The shares trade on the TSX as PPL.PR.C. Proceeds are to partly fund capital projects, reduce short-term debt and for general corporate purposes. This follows the $250 million Series 1 preferred offering in July.

capital raising announcement

Pembina bought a site in Alberta's Industrial Heartland for about $20 million, funded from existing credit facilities, to build rail, terminalling and storage facilities (the Heartland Hub). The site has 232 acres, over 5,000 feet of rail track, and sits near its Redwater site; the Hub extends its Nexus terminal. Pembina also signed a multi-year deal with a major North American refiner to load crude oil railcars at the terminal, up to 40,000 barrels per day, starting immediately.

business combination

Pembina raised its monthly dividend 3.7%, from $0.135 to $0.14 per common share, and declared the $0.14 dividend payable September 13, 2013 to holders of record on August 25. This is the first change since the increase to $0.135 at the April 2012 Provident closing.

dividend declaration

Pembina closed a public offering of 10,000,000 Series 1 preferred shares at $25.00 each, for $250 million gross, including the underwriters' option for 2,000,000 shares exercised in full. The offering was first announced July 17, 2013; the shares trade on the TSX as PPL.PR.A. Proceeds are to partly fund capital projects, reduce short-term debt and for general corporate purposes. This adds a new class of preferred shares ranking alongside the common shares.

capital raising announcement

The share offering closed with 11,206,750 shares sold at $30.80, including the full over-allotment of 1,461,750 shares, for gross proceeds of about $345 million. This completes the March 12 bought deal; proceeds are to reduce short-term debt used for the capital program and for general corporate purposes. Buyers of record on March 25 get the April 15 dividend.

capital raising announcement

Pembina agreed to sell 9,745,000 new common shares at $30.80 each to underwriters, for about $300 million (up to $45 million more if an over-allotment option is used). The money is to partly fund capital projects (Saturn I and II, Resthaven, pipeline expansions, Redwater fractionator twinning) and reduce short-term debt used for the capital program. New shares dilute existing holders; closing was expected around March 21, 2013.

capital raising announcement

Pembina agreed to sell $450 million of senior unsecured medium-term notes at 3.77% a year, maturing October 24, 2022, with closing expected October 22, 2012. The proceeds are to repay part of its existing credit facility, which was expanded to $1.5 billion at the Provident closing. S&P and DBRS each gave preliminary BBB ratings.

capital raising announcement

Pembina finished buying Provident Energy Ltd. on April 2, 2012, in a deal valued at about $3.8 billion. Provident shareholders got 0.425 of a Pembina share per Provident share, Pembina took over Provident's 5.75% convertible debentures (due 2017 and 2018), and Pembina's shares began trading on the NYSE as PBA. The monthly dividend rose from $0.13 to $0.135 per share, and the credit facility was increased from $800 million to $1.5 billion for 5 years.

business combination