All financial figures are in Canadian dollars.
CALGARY, March 21, 2013 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL); (NYSE: PBA) is pleased to announce that it has closed its
previously announced bought deal offering of 11,206,750 common shares
at a price of $30.80 per share through a syndicate of underwriters (the
"Offering"), which includes 1,461,750 common shares issued at the same price on
the exercise in full of the over-allotment option granted to the
underwriters. The aggregate gross proceeds from the Offering is
approximately $345 million.
Pembina intends to use the net proceeds from the Offering to reduce
short term indebtedness of the Company, which short term indebtedness
was used to fund the Company's capital program, and for other general
corporate purposes. Pembina's current suite of growth projects includes
the construction of the Saturn I, Saturn II and Resthaven enhanced
liquids extraction facilities and associated pipelines, the expansion
of its crude oil, condensate and NGL pipelines and the twinning of its
ethane-plus fractionator at its Redwater site, near Fort Saskatchewan,
Alberta.
Purchasers under this Offering who are shareholders of record on March
25, 2013 will be entitled to receive the Company's monthly cash
dividend payable on April 15, 2013 in respect of any common shares held
on the record date.
The common shares were offered pursuant to a prospectus supplement under
the short form base shelf prospectus filed by the Company on February
22, 2013 in each of the provinces of Canada and in the U.S. pursuant to
applicable registration exemptions.
About Pembina
Calgary-based Pembina Pipeline Corporation is a leading transportation
and midstream service provider that has been serving North America's
energy industry for nearly 60 years. Pembina owns and operates:
pipelines that transport conventional and synthetic crude oil and
natural gas liquids produced in western Canada; oil sands, heavy oil
and diluent pipelines; gas gathering and processing facilities; and, an
oil and natural gas liquids infrastructure and logistics business. With
facilities strategically located in western Canada and in natural gas
liquids markets in eastern Canada and the U.S., Pembina also offers a
full spectrum of midstream and marketing services that spans across its
operations. Pembina's integrated assets and commercial operations
enable it to offer services needed by the energy sector along the
hydrocarbon value chain.
Forward-Looking Information and Statements
This news release contains certain forward-looking statements and
information (collectively, "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation that are based on Pembina's current expectations,
estimates, projections and assumptions in light of its experience and
its perception of historical trends. In some cases, forward-looking
statements can be identified by terminology such as "plans", "expects",
"proposes", "intends", "projects", "will", "estimates", "anticipates",
"develop", "could" and similar expressions suggesting future events or
future performance.
In particular, this news release contains forward-looking statements
relating to the planned use of proceeds of the Offering and Pembina's
growth projects. These forward-looking statements are being made by
Pembina based on certain assumptions that Pembina has made in respect
thereof as at the date of this news release, including: that favourable
growth parameters continue to exist in respect of current and future
growth projects (including the ability to finance such projects on
favourable terms); and that Pembina's businesses will continue to
achieve sustainable financial results. These forward-looking statements
are not guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties, including, but not limited
to: non-performance of agreements in accordance with their terms; the
impact of competitive entities and pricing; reliance on key industry
partners, alliances and agreements; the strength and operations of the
oil and natural gas production industry and related commodity prices;
the continuation or completion of third-party projects; regulatory
environment and inability to obtain required regulatory approvals; tax
laws and treatment; fluctuations in operating results; the ability of
Pembina to raise sufficient capital to complete future projects and
satisfy future commitments; construction delays; labour and material
shortages; and certain other risks detailed from time to time in
Pembina's public disclosure documents including, among other things,
those detailed under the heading "Risk Factors" in Pembina's
management's discussion and analysis and annual information form for
the year ended December 31, 2012, which can be found at www.sedar.com.
The intended use of the net proceeds of the Offering by Pembina may
change if the board of directors of Pembina determines that it would be
in the best interests of Pembina to deploy the proceeds for some other
purpose.
Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by
the above statements. Pembina does not undertake any obligation to
publicly update or revise any forward-looking statements contained
herein, except as required by applicable laws.
SOURCE: Pembina Pipeline Corporation
