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Pembina Pipeline launches C$700M senior notes offering

Pembina Pipeline Corp. launched a public offering for a total of C$700 million of its senior unsecured medium-term notes, the net proceeds of which will be used to repay short-term credit facility debt, fund the company's capital program and for other general corporate purposes.

The notes will be offered in two tranches consisting of C$400 million of series 10 notes maturing March 27, 2028, and C$300 million of series 11 notes maturing March 26, 2048. The series 10 notes would have a fixed coupon of 4.02% per annum, while the series 11 notes would have a fixed coupon of 4.75% per year, both of which will be paid semiannually.

The offering is expected to close on March 26.

The Calgary-based midstream company owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada.