Pembina Pipeline Corp. (TSX: PPL, NYSE: PBA) has agreed to offer $600 million of senior unsecured medium-term notes. The offering will be conducted in two tranches consisting of $450 million in senior unsecured medium-term notes, series 5 having a fixed coupon of 3.54% per annum, paid semi-annually, and maturing on February 3, 2025, and $150 million through the re-opening of its 4.75% medium-term notes, series 3, due April 30, 2043.
Closing of the offering is expected to occur on February 2, 2015 and net proceeds will be used to reduce short term indebtedness of the company under its credit facilities, as well as to fund Pembina's capital program and for other general corporate purposes.
Pembina Pipeline is based in Calgary.
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