Each one in plain English, with the numbers worked through for a shareholder.
12 Jan 2024capital raising announcement● Neutral
Pembina closed its $1.8 billion note offering announced two days earlier, issuing the three $600 million series (Series 20 at 5.02% due 2032, Series 21 at 5.21% due 2034, Series 22 at 5.67% due 2054). The release repeats that proceeds are intended to fund part of the Enbridge Alliance, Aux Sable and NRGreen acquisition, repay the $1.5 billion revolver, and for general corporate purposes. This completes the financing step; the acquisition itself has not yet closed in this filing.
14 Dec 2023capital raising announcement● NeutralMajor
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.
Pembina closed the $1.0 billion note offering announced December 8: $500 million Series 17 notes at 3.53% due December 10, 2031 and $500 million Series 18 notes at 4.49% due December 10, 2051. Proceeds are to repay borrowing under the $2.5 billion revolver and for general corporate purposes. The filing does not state the revolver balance after repayment.
Pembina closed a $500 million note offering: $400 million of new 4.67% Series 16 notes due May 28, 2050, and $100 million added to the existing 3.71% Series 7 notes due August 11, 2026. Gross proceeds were $505 million. The money is to repay borrowings on the $2.5 billion revolving credit facility (due May 2024) that funded the US Cochin purchase, plus the capital program and general purposes. This continues the paydown of Cochin acquisition debt begun with the January $1 billion offering. The risk language now names COVID-19, and the PDH/PP facility is described as 'developing' rather than 'constructing' (wording change only; the release gives no reason).
Pembina closed the $1 billion note offering announced January 9: $250 million added to the 4.02% Series 10 notes due 2028, $500 million to the 4.75% Series 11 notes due 2048, and $250 million to the 3.62% Series 12 notes due 2029. Gross proceeds were $1.07 billion. The money is to repay borrowings on the $2.5 billion revolving credit facility (now stated as due May 31, 2024) that funded the US Cochin purchase, plus the capital program and general purposes. This completes the refinancing step flagged in the prior filing.
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.
Pembina closed the $600 million note offering announced August 14: $350 million added to the 2.99% Series 8 notes due 2024 and $250 million added to the 4.74% Series 9 notes due 2047. Proceeds go to repay short-term credit facility debt, fund the capital program and general corporate purposes, as previously stated; this completes the offering.
Pembina closed the $600 million note offering announced January 17: $300 million Series 8 at 2.99% due January 22, 2024 and $300 million Series 9 at 4.74% due January 21, 2047. Proceeds go to repay short-term credit facility debt, fund the capital program and general corporate purposes, as previously stated; this completes the offering.
11 Aug 2016capital raising announcement● NeutralMajor
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.
29 Mar 2016capital raising announcement● NeutralMajor
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.
18 Mar 2016capital raising announcement● NeutralMajor
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.
What it means for a shareholder
8.8m new shares at C$34.00 to raise about C$300m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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.
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.
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.
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.
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.
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.
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.
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.
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.
2 Oct 2013capital raising announcement● NeutralMajor
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.
26 July 2013capital raising announcement● NeutralMajor
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.
21 Mar 2013capital raising announcement● NeutralMajor
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.
13 Mar 2013capital raising announcement● NeutralMajor
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.
17 Oct 2012capital raising announcement● NeutralMajor
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.
