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Pembina Pipeline Corporation Announces Redemption of Series 23 Preferred Shares

Unless otherwise indicated, all financial figures are in Canadian dollars.

CALGARY, Alta., October 14, 2022 /PRNewswire/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: ABP) today announced its intention to redeem its Minimum Rate Reset, Redeemable Cumulative Class A Preferred Shares, Series 23 (“Series 23 Shares”) (TSX: PPL.PF.C) on November 15, 2022 (the “Redemption Date”).

Pembina intends to redeem all of its 12,000,000 issued and outstanding Series 23 Shares, pursuant to the terms of the Series 23 Shares, as set forth in the Company’s Articles of Amendment dated December 16, 2019, on the date of redemption for a redemption price equal to $25.00 per Series 23 Share (the “Redemption Price”), less any taxes required to be deducted or withheld by the Company. The total buyout price for Pembina will be $300 million.

As previously announced, the dividend payable on November 15, 2022to holders of Series 23 Shares of record on October 31, 2022will be $0.328125 per Series 23 Share. This will be the last quarterly dividend on the Series 23 Shares. Upon payment of the November 15, 2022 dividend, there will be no accrued and unpaid dividends on the Series 23 Shares as of the date redemption.

The Company has today given notice of the redemption price and redemption date to the sole registered holder of the Series 23 Shares in accordance with the terms of the Series 23 Shares, as set forth in the Articles of Amendment of the Company dated from December 16, 2019. For non-registered holders of Series 23 Shares, no further action is required. However, they should contact their broker or other intermediary with any questions regarding the redemption process for Series 23 Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 23 Shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare at 1-800-564-6253 or by email at [email protected].

About Pembina

Pembina Pipeline Corporation is a leading provider of energy transmission and midstream services that has served North America energy sector for more than 65 years. Pembina has an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, as well as a business growing export terminals. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions that connect energy producers and consumers around the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit pembina.com.

Goal of Pembina:

To be the leader in providing integrated infrastructure solutions connecting global markets:

  • Clients choose us first for reliable, value-added services.
  • Investors receive industry-leading sustainable total returns.
  • Employees claim that we are “the employer of choice” and value our safe, respectful, collaborative and inclusive work culture.
  • Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three divisions: the Pipelines Division, the Facilities Division, and the Marketing and New Ventures Division.

Pembina common stock trades at Toronto and New York scholarships under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-looking information and statements

This press release contains certain forward-looking statements and information (collectively, “forward-looking statements” within the meaning of the “safe harbor” provisions of applicable securities laws that are based on current expectations, estimates, projections and assumptions of Pembina in light of its experience and its perception of historical trends. In some instances, forward-looking statements may be identified by terms such as “should”, “may”, “intend”, “will”, “will continue”, “if”, “be”, “expects” and similar expressions suggesting future events or future performance.

In particular, this press release contains forward-looking statements regarding, without limitation, the timing and process applicable to the redemption of Series 23 Shares, the expected source of funds for payment of the full redemption price; and the payment of future dividends on the Series 23 shares.,

Forward-looking statements are based on certain assumptions Pembina has made with respect thereto as of the date of this press release regarding, among other things: levels of exploration and development activity in the oil and gas industry and geographic region of this activity; the success of Pembina’s operations; commodity prices, interest rates, carbon prices, tax rates and prevailing exchange rates; Pembina’s ability to maintain its current credit ratings; the availability of capital to fund future capital requirements related to existing assets and projects; future operating costs; geotechnical and integrity costs; that all required regulatory and environmental approvals can be obtained under the necessary conditions in a timely manner; applicable regulatory, tax and environmental laws and regulations; maintenance of operating margins; and certain other assumptions regarding Pembina’s forward-looking statements detailed in Pembina’s MD&A and Annual Information Form for the year ended December 31, 2021 and from time to time in Pembina’s public disclosure documents available at www.sedar.com, www.sec.gov and on the Pembina website at www.pembina.com.

Although Pembina believes that the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that such expectations, factors and assumptions will prove to be correct. 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: the regulatory environment and rulings and consultation requirements natives and landowners; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties of agreements that Pembina or one or more of its affiliates have entered into with respect to its business; actions of governmental or regulatory authorities; Pembina’s ability to acquire or develop infrastructure necessary for future development projects; fluctuations in operating results; general unfavorable economic and market conditions in Canada, North America and around the world; risks related to current and potential adverse effects of the COVID-19 pandemic; the ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; and certain other risks and uncertainties detailed in Pembina’s MD&A and Annual Information Form for the year ended December 31, 2021 and from time to time in Pembina’s public disclosure documents available at www.sedar.com, www.sec.gov and on the Pembina website at www.pembina.com.

This list of risk factors should not be considered exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those anticipated, anticipated or projected. The forward-looking statements contained in this press release speak only as of the date hereof. Pembina undertakes no obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE Pembina Pipeline Corporation