All financial figures are in Canadian dollars.
CALGARY, Nov. 19, 2015 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Corporation") (TSX: PPL; NYSE: PBA)
is pleased to announce that it has closed its previously announced
bought deal offering of 15,335,250 common shares at a price of
$30.00 per share through a syndicate
of underwriters (the "Offering"), which includes 2,000,250 common
shares issued at the same price on the exercise in full of the
over-allotment option granted to the underwriters. The aggregate
gross proceeds from the Offering is approximately $460 million.
Pembina intends to use the net
proceeds from the Offering to partially fund capital expenditures
associated with its $6.5 billion
suite of secured growth projects (including those which have been
placed in service during 2015), to reduce short-term indebtedness
of the Corporation incurred as a result of expenditures related to
its capital program, and for general corporate purposes.
Purchasers under this Offering who are shareholders of record on
November 25, 2015 (the "Record Date")
will be entitled to receive the Corporation's monthly cash dividend
payable on December 15, 2015 in
respect of any common shares held on the Record Date.
The common shares were offered pursuant to a prospectus
supplement under the short form base shelf prospectus filed by the
Corporation on March 18, 2015 in each
of the provinces of Canada and in
the U.S. pursuant to applicable registration exemptions.
The common shares issued pursuant to the Offering have not been
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements
thereunder.
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for over 60 years. Pembina owns and operates pipelines that
transport various hydrocarbon liquids including conventional and
synthetic crude oil, heavy oil and oil sands products, condensate
(diluent) and natural gas liquids produced in western Canada and ethane produced in North Dakota. The Corporation also owns and
operates gas gathering and processing facilities and an oil and
natural gas liquids infrastructure and logistics business. With
facilities strategically located in western Canada and in natural gas liquids markets in
eastern Canada and the U.S.,
Pembina also offers a full
spectrum of midstream and marketing services that spans across its
operations. Pembina's integrated
assets and commercial operations enable it to offer services needed
by the energy sector along the hydrocarbon value chain.
Forward-Looking Statements & Information
This news release contains certain forward-looking statements
and information (collectively, "forward-looking statements") within
the meaning of the "safe harbor" provisions of applicable
securities legislation that are based on Pembina's current expectations, estimates,
projections and assumptions in light of its experience and its
perception of historical trends. In some cases, forward-looking
statements can be identified by terminology such as "plans",
"expects", "proposes", "projects", "will", "estimates",
"anticipates", "develop", "could" and similar expressions
suggesting future events or future performance.
In particular, this news release contains forward-looking
statements and information relating to the planned use of proceeds
of the Offering, timing of and entitlement to dividend
payments, and planning, construction, and capital
expenditure estimates. These forward-looking statements and
information are being made by Pembina based on certain assumptions that
Pembina has made in respect
thereof as at the date of this news release, including: that
favourable growth parameters continue to exist in respect of
current and future growth projects (including the ability to
finance such projects on favourable terms); and that Pembina's businesses will continue to achieve
sustainable financial results. These forward-looking statements are
not guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties, including, but not
limited to: non-performance of agreements in accordance with their
terms; the impact of competitive entities and pricing; reliance on
key industry partners, alliances and agreements; the levels of
activity in the oil and natural gas production industry and related
commodity prices; the continuation or completion of third-party
projects; the regulatory environment and the ability to obtain
required regulatory approvals; tax laws and treatment; fluctuations
in operating results; the ability of Pembina to raise sufficient additional capital
to complete future projects and satisfy future commitments;
construction delays; labour and material shortages; and certain
other risks detailed from time to time in Pembina's public disclosure documents
including, among other things, those detailed under the heading
"Risk Factors" in the prospectus supplement dated November 12, 2015 and in Pembina's management's discussion and analysis
and annual information form for the year ended December 31, 2014, which can be found at
www.sedar.com.The intended use of the net proceeds of the
offering by Pembina may change if
the board of directors of Pembina
determines that it would be in the best interests of Pembina to deploy the proceeds for some other
purpose.
Accordingly, readers are cautioned that events or
circumstances could cause results to differ materially from those
predicted, forecasted or projected. Such forward-looking statements
are expressly qualified by the above statements. Pembina does not undertake any obligation to
publicly update or revise any forward-looking statements or
information contained herein, except as required by applicable
laws.
Pembina Pipeline® is a registered trademark of Pembina
Pipeline Corporation.
SOURCE Pembina Pipeline Corporation