Pembina Pipeline (PBA) said late Monday it has agreed to issue $200 million of 5.95% fixed-to-fixed rate subordinated notes, series 2, due June 6, 2055.
The company said it expects to close the offering on or about Friday.
Net proceeds from the offering will fund redemption of outstanding cumulative redeemable rate reset class A preferred shares, series 19, and for general corporate purposes, the company said.
Upon the completion of the offering, Pembina said it will ask holders of 4.80% fixed-to-fixed rate subordinated notes, series 1, due Jan. 25, 2081, to consent to exchange their debt for new series 3 notes.
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