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 Senior Unsecured Medium-Term Notes consisting of (1) $500 million in Senior Unsecured Medium-Term Notes, Series 6 (the Series 6 Notes) with a fixed coupon of 4.24% per annum, maturing on June 15, 2027; and (2) $100 million through the re-opening of its 4.75% Senior Unsecured Medium-Term Notes, Series 3 (the Series 3 Notes), maturing on April 30, 2043. The settlement date is expected to be June 16, 2015.

The Series 3 Notes and Series 6 Notes will be direct, unsecured obligations of Pembina, ranking pari passu with all other unsecured and unsubordinated indebtedness of the Company, except as to sinking fund or analogous provisions, if any.

The net proceeds from the sale of the Series 3 Notes and Series 6 Notes will be used by Pembina to reduce the indebtedness of the Company under its credit facilities, as well as to fund the Company’s capital program and 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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.