Pembina Pipeline Corporation Provides Notice of Series 5 Preferred Share Conversion Right and Announces Reset Dividend Rates
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 5 ("Series 5 Shares") (TSX: PPL.PR.E) on June 1, 2024.
- Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 5 ("Series 5 Shares") (TSX: PPL.PR.E) on June 1, 2024.
- View the full release here: https://www.businesswire.com/news/home/20240502370849/en/
As a result of the decision not to redeem the Series 5 Shares, and subject to certain terms of the Series 5 Shares, the holders of the Series 5 Shares will have the right to elect to convert all or part of their Series 5 Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 6 of Pembina ("Series 6 Shares") on June 1, 2024 (the "Conversion Date"). - Holders who do not exercise their right to convert their Series 5 Shares into Series 6 Shares will retain their Series 5 Shares.
- As previously announced, the dividend payable on June 1, 2024, to holders of the Series 5 Shares of record on May 1, 2024, will be $0.285813 per Series 5 Share.