Pembina Pipeline greenshoe lifts convertibles to C$300 million

By Melissa Kory

Cleveland, Nov. 24 - Pembina Pipeline Corp.'s underwriters exercised in full their C$50 million over-allotment option for the company's 5.75% convertible debentures due Nov. 30, 2020, lifting the closed offering to C$300million.

The original C$250 million of convertibles were priced on Nov. 15 at par to yield 5.75% with an initial conversion premium of 35%.

Scotia Capital Inc. was the lead bookrunner with BMO Capital Markets Corp., NatBank Financial, TD Securities LLC, CIBC, RBC Capital Markets Corp., Canaccord Financial Inc., FirstEnergy Corp. and Peters Wealth Advisors LLC as co-managers.

The C$300 million proceeds will be used to partially repay existing credit facilities and for general corporate purposes.

Calgary, Alta.-based Pembina, a wholly owned subsidiary of Pembina Pipeline Income Fund, provides a network of conventional liquids feeder pipelines to the western Canadian energy industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.