PPL.PR.I : No Conversion To FloatingReset

Pembina Pipeline Corporation has announced (on November 16):

that none of Pembina’s Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 (“Series 9 Shares”) (TSX: PPL.PR.I) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 10 of Pembina (“Series 10 Shares”) on December 1, 2020.

After taking into account all the conversion notices received from holders of its outstanding Series 9 Shares by the November 16, 2020 deadline for the conversion of the Series 9 Shares into Series 10 Shares, less than the 1,000,000 Series 9 Shares required to give effect to conversions into Series 10 Shares were tendered for conversion.

PPL.PR.I was issued as a FixedReset, 4.75%+391, that commenced trading 2015-4-10 after being announced 2015-3-31. It will reset to 4.302% effective 2020-12-1. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

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