Pembina Pipeline Corporation Announces Conversion Results for Series 15 Preferred Shares

Rhea-AI Summary

Pembina Pipeline Corporation announced that none of its Series 15 Preferred Shares will convert into Series 16 Shares on October 3, 2022. The decision comes after the company confirmed that fewer than 1,000,000 Series 15 Shares were tendered for conversion by the September 19, 2022 deadline. Pembina, a leading North American energy transportation and midstream service provider, has a robust infrastructure network supporting oil and gas logistics. The company continues to focus on delivering safe and reliable energy solutions.

Positive

• Strong history of over 65 years in the energy sector.
• Integrated network of pipelines and logistics services.

Negative

• Conversion failure may indicate lower demand for Series 16 Shares.

CALGARY, AB, Sept. 19, 2022 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 15 ("Series 15 Shares") (TSX: PPL.PR.O) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 16 of Pembina ("Series 16 Shares") on October 3, 2022.

After taking into account all the conversion notices received from holders of its outstanding Series 15 Shares by the September 19, 2022, deadline for the conversion of the Series 15 Shares into Series 16 Shares, less than the 1,000,000 Series 15 Shares required to give effect to conversions into Series 16 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 a growing export terminals business. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit pembina.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-conversion-results-for-series-15-preferred-shares-301627636.html

SOURCE Pembina Pipeline Corporation

FAQ

What is the result of Pembina's Series 15 Shares conversion announcement?

None of Pembina's Series 15 Shares will convert into Series 16 Shares as fewer than 1,000,000 shares were tendered for conversion by the deadline.

When will Pembina's Series 15 Shares not be converted?

The conversion will not take place on October 3, 2022, due to insufficient shares being tendered.

What is the significance of the September 19, 2022 deadline for Pembina?

This deadline was crucial for determining whether the Series 15 Shares could be converted into Series 16 Shares.

What does Pembina Pipeline Corporation do?

Pembina is a leading energy transportation provider serving North America, focusing on hydrocarbons and natural gas logistics.

What is the stock symbol for Pembina Pipeline Corporation?

The stock symbol for Pembina Pipeline Corporation is PBA.