Pembina Pipeline Corporation Announces Conversion Results for Series 7 Preferred Shares

Rhea-AI Summary

Pembina Pipeline announced that none of its Series 7 Preferred Shares will be converted into Series 8 Preferred Shares on December 1, 2024. The decision comes after receiving conversion notices from shareholders by the November 18, 2024 deadline, where less than the required minimum of 1,000,000 Series 7 Shares were tendered for conversion into Series 8 Shares.

Insights

Financial Analyst

This announcement regarding preferred share conversion is a routine administrative update with minimal market impact. The lack of sufficient Series 7 shareholders opting to convert to Series 8 shares indicates satisfaction with the current fixed-rate structure rather than switching to floating-rate shares. No financial impact is expected as this is merely a conversion opportunity that didn't meet the minimum threshold of 1,000,000 shares for implementation. The continuation of the current share structure maintains status quo for Pembina's preferred share program.

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 7 ("Series 7 Shares") (TSX: PPL.PR.G) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 8 of Pembina ("Series 8 Shares") on December 1, 2024.

After taking into account all the conversion notices received from holders of its outstanding Series 7 Shares by the November 18, 2024 deadline for the conversion of the Series 7 Shares into Series 8 Shares, less than the 1,000,000 Series 7 Shares required to give effect to conversions into Series 8 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 70 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.

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Investor Relations

(403) 231-3156

1-855-880-7404

e-mail: investor-relations@pembina.com

www.pembina.com

Source: Pembina Pipeline Corporation

FAQ

What was the minimum number of Pembina (PBA) Series 7 shares required for conversion to Series 8?

A minimum of 1,000,000 Series 7 Shares were required to be tendered to enable the conversion into Series 8 Shares.

When was the deadline for Pembina (PBA) Series 7 shares conversion notices?

The deadline for Series 7 Shares conversion notices was November 18, 2024.

When was the scheduled conversion date for Pembina (PBA) Series 7 to Series 8 shares?

The scheduled conversion date was December 1, 2024.

Will Pembina (PBA) Series 7 shares be converted to Series 8 shares?

No, none of the Series 7 Shares will be converted into Series 8 Shares as the minimum conversion threshold was not met.