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Pembina Pipeline Corporation Announces Conversion Results for Series 1 Preferred Shares
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Pembina Pipeline Corporation (PPL) Announces No Conversion of Series 1 Shares to Series 2 Shares. Pembina Pipeline Corporation announced that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 1 will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 2 on December 1, 2023. After considering all conversion notices received, less than the required number of Series 1 Shares were tendered for conversion.
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CALGARY, Alberta--(BUSINESS WIRE)--
Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 1 ("Series 1 Shares") (TSX: PPL.PR.A) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 2 of Pembina ("Series 2 Shares") on December 1, 2023.
After taking into account all the conversion notices received from holders of its outstanding Series 1 Shares by the November 16, 2023 deadline for the conversion of the Series 1 Shares into Series 2 Shares, less than the 1,000,000 Series 1 Shares required to give effect to conversions into Series 2 Shares were tendered for conversion.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.
What did Pembina Pipeline Corporation announce about its Series 1 Shares?
Pembina announced that none of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 1 will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 2 on December 1, 2023.
How many Series 1 Shares were tendered for conversion?
Less than the required 1,000,000 Series 1 Shares were tendered for conversion into Series 2 Shares.
