DBRS Rates Pembina’s New Issue at BBB, Stable Trend

DBRS Limited (DBRS) has today assigned a rating of BBB with a Stable trend to Pembina Pipeline Corporation’s (Pembina or the Company) issue of $600 million long-term debt consisting of (i) $450 million in Senior Unsecured Medium-Term Notes, Series 5 (the Series 5 Notes) with a fixed coupon of 3.545% per annum, maturing in February 2025 (the Series 5 Notes); and (ii) $150 million through the re-opening of its 4.75% Senior Unsecured Medium-Term Notes, Series 3 (the Series 3 Notes), maturing in April 2043.

The Series 3 Notes and Series 5 Notes will be direct, unsecured obligations of Pembina, ranking pari passu with all the other unsecured and unsubordinated indebtedness of the Company.

The net proceeds from the sale of the Series 3 Notes and Series 5 Notes will be used by Pembina to reduce short-term indebtedness of the Company under its credit facilities and fund the Company’s capital program as well as for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Companies in the Pipeline and Diversified Energy Industry (January 2015), which can be found on our website under Methodologies.