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Preferred Share Description
Pembina Pipeline Corporation (PPL.PR.S)
5.00% Cumulative, Redeemable, Rate Reset, Series 19 Preferred Share
Prospectus - March 25, 2015
DBRS Credit Rating: April 23, 2019 - DBRS confirmed the Issuer Rating and Senior Unsecured Notes rating of Pembina Pipeline Corporation at BBB and the Company’s Preferred Shares rating at Pfd-3. All trends remain Stable. The confirmations incorporate Pembina’s solid financial performance in 2018 and the continued improvement of its business risk profile. The Stable trends reflect DBRS’s expectation that Pembina will maintain a stable credit profile through its prudent financing of the next phase of expansion over the next few years.
Pembina’s business risk profile stabilized in 2018 as a result of the successful integration of the Veresen Inc. acquisition in October 2017 and the completion of expansion projects. Veresen’s assets and Pembina’s existing assets are organized into three new divisions: Pipelines, Facilities and Marketing & New Ventures.
Share Note: Prior to Pembina's purchase of Veresen Inc., these shares were originally issued by Veresen, as Series E shares, and they traded on the TSX under the symbol VSN.PR.E.
- DBRS Rating
- Pfd-3 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.25 per share per year
- Dividend Dates
- Paid on the last day of March, June, September and December
- Dividend Details
- The dividend rate will initially be fixed at $1.25 per share until June 30, 2020. On June 30, 2020 and on June 30th every 5 years thereafter, the dividend will be reset to a rate that equals the sum of the Government of Canada Yield (GCAN5YR) plus 4.27%.
- The shares are not redeemable prior to June 30, 2020. On June 30, 2020 and on June 30th every five years thereafter, the company can redeem the shares, at it's option, for $25.00 per share.
- On June 30, 2020 and on June 30 every 5 years thereafter holders of the Series E rate reset preferred shares will have the option to convert all or a portion of their shares into an equal number of Series F Floating Rate preferred shares. The Series F Floating Rate preferred shares will calculate and pay dividends quarterly calculated at a rate equal to the sum of the 3-month Government of Canada T-Bill Rate plus 4.27%. In addition, on June 30, 2025 and on June 30th every 5 years thereafter holders of the Series F Floating Rate preferred shares will have the option to convert all or a portion of their shares into an equal number of the Series E Rate Reset preferred shares.
- Lead Underwriter(s)
- Scotia Capital, TD Securities, RBC Dominion Securities and CIBC World Markets
- Dividend Reinvestment Plan
- Not available to preferred shareholders
- Convertible by Company
- Last Updated