Calgary, Alberta-based Pembina Pipeline Corp. plans to issue C$1 billion of senior unsecured medium-term notes in three tranches.
The tranches consist of C$250 million to be issued through the reopening of Pembina's 4.02% medium-term notes, series 10, due March 27, 2028; C$500 million through the reopening of its 4.75% medium-term notes, series 11, due March 26, 2048; and C$250 million through a reopening of its 3.62% medium-term notes, series 12, due April 3, 2029.
Pembina is expecting proceeds of C$1.07 billion, which will be used to repay debt under its unsecured C$2.5 billion revolving credit facility due May 31, 2024, connected to the acquisition of the U.S. portion of the Cochin condensate pipeline system. The rest would be used to fund the company's capital program and for general corporate purposes.
The offering is expected to close Jan. 10, according to a Jan. 8 release.