By Lisa Kerner
Charlotte, N.C., Oct. 27 - Pembina Pipeline Corp. agreed to issue C$267 million in series D senior unsecured notes to institutional investors in the United States and Canada in a private placement.
According to Pembina, the notes will be issued in a single tranche with a 10-year bullet maturity and at a fixed interest rate of 5.91%.
Proceeds from the offering, which is expected to close on Nov. 18, will be used to repay existing bank debt and for general corporate purposes, according to a Pembina news release.
"This additional financing will strengthen our balance sheet, as we confidently pursue our strategy of growth and integration of Pembina's energy infrastructure assets, and maintain our focus on building long-term value for our unitholders," Pembina vice president of finance and chief financial officer Peter Robertson said in the release.
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.
| Issuer: | Pembina Pipeline Corp.
|
| Issue: | Series D senior unsecured notes
|
| Amount: | C$267 million
|
| Maturity: | Nov. 18, 2019
|
| Coupon: | 5.91%
|
| Settlement date: | Nov. 18
|
| Distribution: | Private placement
|
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