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Pembina closes C$400M preferred share offering

Pembina Pipeline Corp. closed its offering of preferred shares, earning the company C$400 million in gross proceeds.

Pembina sold 16,000,000 preferred shares, including the underwriters' exercise of their overallotment option. Net proceeds will be used to pay down debts under the company's credit facilities, which were used to fund Pembina's capital program and to pay the cash consideration to former Veresen Inc. shareholders under their merger agreement.

The underwriters were co-led by RBC Capital Markets, CIBC World Markets and Scotiabank.