Pembina Pipeline Corp. has announced that it has completed the previously announced redemption of its outstanding Series C 5.75% convertible unsecured subordinated debentures and its outstanding Series E 5.75% convertible unsecured subordinated. Pembina elected to satisfy the redemption price of the debentures through the issuance of common shares in the capital of Pembina.
The aggregate outstanding principal amount of the debentures was $251 521 000 on the date of Pembina's Redemption announcement on 27 August 2015. The debentures were redeemed by the Company on 13 October 2015 and have been delisted from the Toronto Stock Exchange. Pursuant to the conversion option available to holders of the Debentures, an aggregate of 8 556 810 Common Shares were issued in relation to conversion requests received by Pembina between the date of its Redemption announcement and 9 October 2015. The remaining balance of the outstanding principal amount of debentures was redeemed on the Redemption Date for an aggregate of 319 273 Common Shares on the basis of 31 Common Shares issued per $1000 principal amount of both series of debentures. Accrued interest of $21.27 per $1000 principal amount of Series C debentures and $16.54 per $1000 principal amount of Series E Debentures was paid in cash. Cash was also paid in lieu of any fractional shares that would have otherwise been issued on conversion or redemption. Following the redemption, the company had a total of 354 727 404 Common Shares issued and outstanding on 13 October 2015.
Edited from press release by Angharad Lock