{"id":50415,"date":"2025-10-20T21:58:32","date_gmt":"2025-10-21T01:58:32","guid":{"rendered":"https:\/\/prefblog.com\/?p=50415"},"modified":"2025-10-20T21:58:32","modified_gmt":"2025-10-21T01:58:32","slug":"ppl-pr-i-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50415","title":{"rendered":"PPL.PR.I To Be Redeemed"},"content":{"rendered":"

Pembina Pipeline Corporation has announced<\/a>:<\/p>\n

that it has closed its previously announced offering of $225 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the “Series 2 Notes”) due June 6, 2055 (the “Offering”). The Series 2 Notes were offered through a syndicate of underwriters, co-led by CIBC Capital Markets, BMO Capital Markets and Scotiabank, under Pembina’s short form base shelf prospectus dated December 13, 2023, as supplemented by a prospectus supplement dated October 8, 2025.<\/p>\n

As previously announced, Pembina intends to use the net proceeds of the Offering to fund the redemption of all of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 (TSX: PPL.PR.I) (the “Series 9 Class A Preferred Shares”) on December 1, 2025 (the “Redemption Date”) at a price equal to $25.00 per Series 9 Class A Preferred Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company and for general corporate purposes. The aggregate Redemption Price to Pembina will be $225 million.<\/p>\n

Pembina previously announced that the dividend payable on December 1, 2025, to the holders of the Series 9 Class A Preferred Shares of record on November 3, 2025, will be $0.268875 per Series 9 Class A Preferred Share. This will be the final quarterly dividend on the Series 9 Class A Preferred Shares. Upon payment of the December 1, 2025 dividend, there will be no accrued and unpaid dividends on the Series 9 Class A Preferred Shares as at the Redemption Date.<\/p>\n

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 9 Class A Preferred Shares in accordance with the terms of the Series 9 Class A Preferred Shares, as set out in the Company’s articles of amalgamation dated October 2, 2017. For non-registered holders of Series 9 Class A Preferred Shares, no further action is required, however, they should contact their broker or other intermediary with any questions regarding the redemption process for the Series 9 Class A Preferred Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 9 Class A Preferred 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.<\/p><\/blockquote>\n

PPL.PR.I was issued as a FixedReset, 4.75%+391, that commenced trading 2015-4-10<\/a> after being announced 2015-3-31<\/a>. It reset to 4.302%<\/a> effective 2020-12-1 and there was no conversion<\/a>. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.<\/p>\n

It’s nice to get some more confirmation (after the recent TRP.PR.G refunding<\/a>) that the Canadian preferred share market continues to be cheap!<\/p>\n

Thanks to Assiduous Reader niagara<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Pembina Pipeline Corporation has announced: that it has closed its previously announced offering of $225 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the “Series 2 Notes”) due June 6, 2055 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-50415","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50415"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50415\/revisions"}],"predecessor-version":[{"id":50416,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50415\/revisions\/50416"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}