PPL.PR.G : No Conversion To FloatingReset

Pembina Pipeline Corporation has announced (on November 15):

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 2, 2019.

After taking into account all conversion notices received from holders of its outstanding Series 7 Shares by the November 15, 2019 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.

PPL.PR.G is a FixedReset, 4.50%+294, that commenced trading 2014-9-11 after being announced 2014-9-2. The issue resets to 4.380% effective 2019-12-1. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

Leave a Reply

You must be logged in to post a comment.