Pembina Pipeline Corporation Announces Conversion Results for Series 21 Preferred Shares

Rhea-AI Summary

Pembina Pipeline Corporation (NYSE: PBA) announced that holders of 1,028,130 of its 16 million Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 21, have opted to convert these shares into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22. This conversion will reduce the Series 21 Shares to 14,971,870 and create 1,028,130 Series 22 Shares, effective March 1, 2023. The Series 21 and Series 22 Shares will be listed on the Toronto Stock Exchange under the symbols PPL.PF.A and PPL.PF.B, respectively. Pembina continues to provide essential energy transportation and midstream services across North America.

Positive

• Conversion of Series 21 Shares to Series 22 Shares indicates flexibility in capital structure.
• Maintains strong presence in energy sector with over 65 years of operations.

Negative

• None.

CALGARY, Alberta--(BUSINESS WIRE)-- Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that holders of an aggregate of 1,028,130 of its 16,000,000 Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 21 ("Series 21 Shares") have elected to convert, on a one-for-one basis, their Series 21 Shares into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 of Pembina ("Series 22 Shares"). As a result of the exercise of such conversion rights, on March 1, 2023, Pembina will have 14,971,870 Series 21 Shares and 1,028,130 Series 22 Shares issued and outstanding. The Series 21 Shares and the Series 22 Shares will be listed on the Toronto Stock Exchange under the symbols PPL.PF.A and PPL.PF.B, respectively.

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 source version on businesswire.com: https://www.businesswire.com/news/home/20230214005893/en/

Investor Relations

(403) 231-3156

1-855-880-7404

e-mail: investor-relations@pembina.com

www.pembina.com

Source: Pembina Pipeline Corporation

FAQ

What is the recent conversion of Pembina's preferred shares dated March 1, 2023?

Holders of 1,028,130 of Pembina's Series 21 preferred shares elected to convert them into Series 22 shares.

What will be the share distribution of Pembina after the conversion?

After the conversion, Pembina will have 14,971,870 Series 21 Shares and 1,028,130 Series 22 Shares issued and outstanding.

Where will the new Series 22 Shares be listed?

The Series 22 Shares will be listed on the Toronto Stock Exchange under the symbol PPL.PF.B.

How long has Pembina Pipeline Corporation been operating?

Pembina has been serving North America's energy industry for over 65 years.

What are the symbols for Pembina's preferred shares?

The Series 21 Shares are listed as PPL.PF.A and the Series 22 Shares as PPL.PF.B on the Toronto Stock Exchange.