Pembina Pipeline Corporation Announces $500 Million Public Note Offering

Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA) announced today that it has agreed to issue $500 million of senior unsecured medium-term notes (the “Offering”). The Offering will be conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the “Series 16 Notes”) having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount to be issued through a re-opening of the Company’s 3.71 percent medium-term notes, series 7, due August 11, 2026 (the “Series 7 Notes”).

Closing of the Offering is expected to occur on May 28, 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 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 Series 16 Notes and the re-opening of the Series 7 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 May 26, 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 (the “U.S. Securities Act”), or any state securities law, and may not be offered or sold within the United States.