By Cristal Cody
Prospect News, March 24 - Pembina Pipeline Corp. (/BBB+//DBRS: BBB) sold C$250 million of 4.89% medium-term notes due March 29, 2021 at par on Thursday in its first Canadian public bond offering, sources said.
The notes, which were upsized from C$200 million, priced 2 basis points tighter than guidance at a spread of 166.3 bps over the Government of Canada benchmark, or 158 bps versus the Canadian bond curve.
CIBC World Markets Inc. and National Bank Financial Inc. were the lead managers. Co-managers were Scotia Capital Inc., BMO Capital Markets Corp. and TD Securities Inc.
Proceeds will be used to repay a portion of Pembina's existing credit facility and to fund growth opportunities.
The Calgary, Alta.-based company is a transportation and service provider to the energy industry in Western Canada.
| Issuer: | Pembina Pipeline Corp.
|
| Amount: | C$250 million, increased from C$200 million
|
| Maturity: | March 29, 2021
|
| Securities: | Medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., National Bank Financial Inc.
|
| Co-managers: | Scotia Capital Inc., BMO Capital Markets Corp., TD Securities Inc.
|
| Coupon: | 4.89%
|
| Price: | Par
|
| Yield: | 4.89%
|
| Spread: | 166.3 bps over Government of Canada benchmark, or 158 bps versus bond curve
|
| Call feature: | 39.5 bps over Government of Canada benchmark
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Ratings: | Standard & Poor's: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
| Price talk: | 160 bps versus Canadian bond curve
|
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