Pembina Pipeline Corporation Announces $1 Billion Public Note Offering

Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA) announced today that it has agreed to issue $1 billion of senior unsecured medium-term notes (the “Offering”). The Offering will be conducted in three tranches consisting of $250 million principal amount to be issued through a re-opening of the Company’s 4.02% medium-term notes, series 10, due March 27, 2028 (the “Series 10 Notes”); $500 million principal amount to be issued through a re-opening of the Company’s 4.75% medium-term notes, series 11, due March 26, 2048 (the “Series 11 Notes”); and $250 million principal amount to be issued through a re-opening of the Company’s 3.62% medium-term notes, series 12, due April 3, 2029 (the “Series 12 Notes”). Pembina expects net proceeds of $1.07 billion upon closing of the Offering.

Closing of the Offering is expected to occur on January 10, 2020 and the net proceeds are intended to be used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 31, 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina’s capital program and for general corporate purposes.

The re-opening of the Series 10, Series 11 and Series 12 Notes are being offered through a syndicate of dealers under Pembina’s short-form base shelf prospectus dated August 30, 2019, as supplemented by related pricing supplements dated January 8, 2020.

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.