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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 26, 2018 - 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 2017 and the continued improvement of its business risk profile. All credit metrics for 2017 remained strong for the current ratings.
Following the acquisition of Veresen Inc. in October 2017 and with a number of sizeable capital projects coming on line over the past two years, particularly in the Conventional Pipelines, Oil Sands and Heavy Oil, and Gas Services segments, the size, diversification and the quality of earnings and cash flow improved.
DBRS Credit Update: November 18, 2016 - DBRS) has today maintained its status of Under Review with Negative Implications on the BBB Issuer Rating and Senior Unsecured Notes rating and the Pfd-3 Preferred Share rating of Veresen Inc. The ratings were placed Under Review with Negative Implications on August 4, 2016, following the Company’s announcement that it will sell its power generation business, suspend its Premium Dividend and Dividend Reinvestment Plan (DRIP) from August 2016 and maintain its current dividend payout. Proceeds from the sale of the power business will be invested to develop Veresen’s midstream projects in the core natural gas and natural gas liquids infrastructure business.
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