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Pembina closes C$250M preferred share offering

Pembina PipelineCorp. has closed its offeringof 10,000,000 preferred shares, earning gross proceeds of C$250 million.

Net proceeds would be used for capital expenditures, workingcapital requirements related to its 2016 capital program and reducing indebtednessunder its credit facilities, Pembina said in an April 27 news release.

The company is expected to pay dividends amounting to C$1.4375per share annually. The dividend will be payable on the first day of March, June,September and December for the initial fixed-rate period through May 2021, accordingto the release.

If declared by the board, the first dividend will be payableSept. 1 at 50.02 cents per share.