Finance & Investing | Fundraising | Capital Markets
Pembina Pipeline Closes $170 Million Public Offering
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Pembina Pipeline Corporation has closed its previously announced public offering of cumulative redeemable minimum rate reset class A preferred shares, Series 11 for aggregate gross proceeds of $170 million.
The Offering was announced on January 6, 2016 when Pembina entered into an agreement with a syndicate of underwriters led by Scotiabank, BMO Capital Markets and RBC Capital Markets. A total of 6,800,000 Series 11 Preferred Shares, which includes 800,000 Series 11 Preferred Shares issued pursuant to the partial exercise of the underwriters' option, were sold under the Offering.
Proceeds from the Offering will be used to reduce indebtedness under the Company's credit facilities, as well as for capital expenditures and working capital requirements in connection with the Company's 2016 capital program.
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