Past year: ▲ 24%(52.29 – 68.54 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2016capital raising announcement● Neutral
Pembina closed the Series 11 preferred offering at 6,800,000 shares for $170 million gross, up from the $150 million launched on January 6 because underwriters exercised 800,000 of the 2,000,000-share option. The shares trade on the TSX as PPL.PR.K, with a first dividend of $0.1812 per share payable March 1, 2016. Proceeds will reduce credit facility debt and fund the 2016 capital program.
8 Jan 2016dividend declaration● Neutral
Pembina declared its January 2016 common dividend of $0.1525 per share, payable February 15, 2016 to holders of record on January 25, unchanged. It also declared quarterly dividends on Series 1, 3, 5, 7 and 9 preferred shares, payable March 1, 2016. It amended its dividend reinvestment plan: the board can set the share discount at up to 5%, currently set at 3% (the context showed 5%), and the premium for the cash-payment option falls from 102% to 101%.
6 Jan 2016capital raising announcement● Neutral
Pembina launched a bought deal of 6,000,000 Series 11 preferred shares at $25 each ($150 million), with an option for 2,000,000 more. They pay a fixed 5.75% a year ($1.4375 per share) to March 1, 2021, then reset. Proceeds are to reduce credit facility debt and fund capital expenditures and working capital for the 2016 capital program, with closing expected January 15, 2016. This is the sixth preferred series in the history seen, following the Series 9 issue in April 2015.
8 Dec 2015dividend declaration● Neutral
Pembina declared its December 2015 common dividend of $0.1525 per share, payable January 15, 2016 to holders of record on December 31, 2015, unchanged. The dividend now applies to the larger share count after the November offering (inference from the November 19 closing).
19 Nov 2015capital raising announcement● NeutralMajor
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.
12 Nov 2015capital raising announcement● NeutralMajor
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.
9 Nov 2015dividend declaration● Neutral
Pembina declared its November 2015 common dividend of $0.1525 per share, payable December 15, 2015 to holders of record on November 25, unchanged.
8 Sept 2015dividend declaration● Neutral
Pembina declared its September 2015 common dividend of $0.1525 per share, payable October 15, 2015 to holders of record on September 25, unchanged from the prior month.
7 Aug 2015dividend declaration● Neutral
Pembina declared its August 2015 common dividend of $0.1525 per share, payable September 15, 2015 to holders of record on August 25. This is the same rate as the level set in the May 2015 increase.
16 June 2015capital raising announcement● NeutralMajor
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.
12 June 2015debt financing● NeutralMajor
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.
6 May 2015dividend declaration▲ GoodMajor
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.
10 Apr 2015capital raising announcement● NeutralMajor
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.
31 Mar 2015capital raising announcement● NeutralMajor
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).
2 Feb 2015capital raising announcement● NeutralMajor
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.
30 Jan 2015debt financing● NeutralMajor
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.
12 Jan 2015dividend declaration● Neutral
Pembina declared its January 2015 common dividend of $0.145 per share (payable February 13, record date January 25), unchanged. It also declared quarterly preferred dividends payable March 1, 2015 to holders of record February 1: $0.265625 (Series 1), $0.29375 (Series 3), $0.3125 (Series 5) and $0.28125 (Series 7, the series issued in September 2014).
9 Dec 2014dividend declaration● Neutral
Pembina declared its December 2014 common dividend of $0.145 per share, payable January 15, 2015 to holders of record on December 31, 2014, unchanged from the prior months.
12 Nov 2014dividend declaration● Neutral
Pembina declared its November 2014 common dividend of $0.145 per share, payable December 15, 2014 to holders of record on November 25, unchanged.
12 Sept 2014capital raising announcement● Neutral
Pembina closed its Series 7 preferred share offering at 10,000,000 shares for $250 million gross, upsized from the 6,000,000 shares (plus a 2,000,000 option) announced September 2 because of strong investor demand. The shares trade as PPL.PR.G, with dividends expected at $0.2813 quarterly. Proceeds are to help fund the proposed Vantage/SEEP purchase, the rest of the 2014 capital program and general purposes; that purchase is still awaiting approvals.
12 Sept 2014dividend declaration● Neutral
Pembina declared its September 2014 common dividend of $0.145 per share, payable October 15, 2014 to holders of record on September 25, unchanged.
5 Sept 2014regulatory community update▲ GoodMajor
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.
2 Sept 2014business combination▲ GoodMajor
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.
2 Sept 2014capital raising announcement● Neutral
Pembina launched a $150 million bought deal of 6,000,000 Series 7 preferred shares at $25 each (4.50% yearly fixed dividend to December 1, 2019), with an option for 2,000,000 more. Proceeds are to help fund the proposed purchase of the Vantage pipeline and the Saskatchewan Ethane Extraction Plant, the rest of the 2014 capital program and general purposes. If that purchase does not close, that portion goes to the capital program and general purposes. This is the fourth preferred series after Series 1, 3 and 5.
11 Aug 2014dividend declaration● Neutral
Pembina declared its August 2014 common dividend of $0.145 per share, payable September 15, 2014 to holders of record on August 25. This keeps the rate set in the May 2014 increase from $0.14.
8 May 2014dividend declaration▲ GoodMajor
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.
7 Apr 2014capital raising announcement● NeutralMajor
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.
3 Apr 2014dividend declaration● Neutral
Pembina declared its April 2014 common dividend of $0.14 per share, payable May 15 to holders of record on April 25, unchanged. It also declared quarterly preferred dividends payable June 1 to holders of record May 1: $0.265625 (Series 1), $0.29375 (Series 3) and $0.3125 (Series 5).
11 Feb 2014dividend declaration● Neutral
Pembina declared its February 2014 common dividend of $0.14 per share, payable March 14, 2014 to holders of record on February 25, unchanged.
16 Jan 2014capital raising announcement● NeutralMajor
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.
