Pembina Pipeline (PBA) said late Monday it has agreed to issue $200 million of 5.95% fixed-to-fixed rate subordinated notes, series 2, due June 6, 2055.
The company said it expects to close the offering on or about Friday.
Net proceeds from the offering will fund redemption of outstanding cumulative redeemable rate reset class A preferred shares, series 19, and for general corporate purposes, the company said.
Upon the completion of the offering, Pembina said it will ask holders of 4.80% fixed-to-fixed rate subordinated notes, series 1, due Jan. 25, 2081, to consent to exchange their debt for new series 3 notes.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.