PPL.PR.M Redeemed

Further to their January, 2021, press release Pembina Pipeline Corporation announced (on 2021-5-6):

Subsequent to quarter end, on April 6, 2021, Pembina announced its intention to redeem all of the 10 million issued and outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 13 (the “Series 13 Class A Preferred Shares”) on June 1, 2021 for a redemption price equal to $25.00 per Series 13 Class A Preferred Shares, less taxes required to be deducted or withheld by the Company.

The specifics were (2021-5-6):

Pembina intends to redeem all of its 10,000,000 issued and outstanding Series 13 Shares, in accordance with the terms of the Series 13 Shares, as set out in the Company’s articles, on June 1, 2021 (the “Redemption Date”) for a redemption price equal to $25.00 per Series 13 Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company. The total redemption price to Pembina will be $250 million and is expected to be paid with a portion of the net proceeds from the $600 million offering of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 (the “Offering”) which closed on January 25, 2021.

As noted below, the Company’s Board of Directors has declared a dividend of $0.359375 per Series 13 Share payable on June 1, 2021, to holders of record on May 3, 2021. This will be the final quarterly dividend on the Series 13 Shares. Upon payment of the June 1, 2021 dividend, there will be no accrued and unpaid dividends on the Series 13 Shares as at the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 13 Shares in accordance with the terms of the Series 13 Shares, as set out in the Company’s articles. Non-registered holders of Series 13 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 13 Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 13 Shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

PPL.PR.M was a FixedReset, 5.75%+496M575, that commenced trading 2016-4-27 after being announced 2016-4-18. The issue was tracked by HIMIPref™ but relegated to the Scraps index on credit concerns. The company started mulling the possibility of redeeming the issue in January, 2021, and these plans firmed up shortly afterwards.

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