Pembina Pipeline Corporation announced that it raised US$250 million in gross proceeds from its public offering of 10,000,000 cumulative redeemable rate reset class A preferred shares priced at US $25.00 per share. Its offer of additional 2,000,000 series 1 preferred shares at similar price was exercised in full by the underwriters. The offering is set at the Toronto Stock Exchange today.
The money will be used to finance venture projects and slash its short-term loans, as well as other corporate purposes, the company said.
Pembina, headquartered in Calgary, Canada, is one of the market leaders in transportation and midstream service for the energy industry in North America for almost 60 years, according its website. Among others, the company distributes crude oil and natural gas from western Canada, heavy oil and oil sands, as well as diluent pipelines. The company also manages a business dedicated to oil and natural gas liquids infrastructure and transport.
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