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Pembina Pipeline Corporation Announces Conversion Results for Series 17 Preferred Shares
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Pembina Pipeline announces that none of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17, will be converted into Series 18 Shares on March 31, 2024 due to insufficient conversions received.
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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 17 ("Series 17 Shares") (TSX: PPL.PR.Q) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 18 of Pembina ("Series 18 Shares") on March 31, 2024.
After taking into account all the conversion notices received from holders of its outstanding Series 17 Shares by the March 18, 2024 deadline for the conversion of the Series 17 Shares into Series 18 Shares, less than the 1,000,000 Series 17 Shares required to give effect to conversions into Series 18 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.
Why won't Pembina's Series 17 Shares be converted into Series 18 Shares on March 31, 2024?
Pembina Pipeline announced that due to insufficient conversions received, none of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17, will be converted into Series 18 Shares on March 31, 2024.
How many Series 17 Shares were required for conversion into Series 18 Shares?
Less than the 1,000,000 Series 17 Shares required for conversions into Series 18 Shares were tendered for conversion by the March 18, 2024 deadline.
