Redemption of Series 11 Preferred Shares

Pembina intends to redeem all of its 6,800,000 issued and outstanding Series 11 Shares, in accordance with the terms of the Series 11 Shares, as set out in the Company’s articles, on March 1, 2021 (the “Redemption Date”) for a redemption price equal to $25.00 per Series 11 Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company. The total redemption price to Pembina will be $170 million and is expected to be paid with a portion of the net proceeds from the Offering.

As previously announced, the Company’s Board of Directors has declared a dividend of $0.359375 per Series 11 Share payable on March 1, 2021, to holders of record on February 1, 2021. This will be the final quarterly dividend on the Series 11 Shares. Upon payment of the March 1, 2021 dividend, there will be no accrued and unpaid dividends on the Series 11 Shares as at the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 11 Shares in accordance with the terms of the Series 11 Shares, as set out in the Company’s articles. Non-registered holders of Series 11 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 11 Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 11 Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253, or by email to

CALGARY, AB, Jan. 12, 2021 /CNW/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: PBA) announced today that it has priced an offering of $600 million of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081 (the “Offering”).

The Offering is expected to close on or about January 25, 2021, subject to customary closing conditions. Pembina expects to use the net proceeds of the Offering to redeem or repurchase its outstanding cumulative redeemable minimum rate reset Class A Preferred Shares, Series 11 (TSX: PPL.PR.K) and its cumulative redeemable minimum rate reset Class A Preferred Shares, Series 13 (TSX: PPL.PR.M), to repay other outstanding indebtedness, as well as for general corporate purposes.

The subordinated notes are being offered through a syndicate of underwriters, co-led by RBC Capital Markets, CIBC Capital Markets, Scotiabank and TD Securities, under Pembina’s short form base shelf prospectus dated December 30, 2020, as supplemented by a prospectus supplement dated January 12, 2021.