logo
  

Pembina Pipeline Enters $800 Mln Credit Facility; Declares April Cash Dividend

Pembina Pipeline Corp. (PBA,PPL.TO) said Monday that it has entered into a new $800 million unsecured revolving credit facility with certain existing key lenders. In addition, the company's board of directors has declared a common share cash dividend for April 2020 of $0.21 per share and quarterly dividends for the company's preferred shares.

Pembina noted that the new $800 million unsecured revolving credit facility will be available to the company for general corporate purposes, thereby providing additional liquidity and flexibility should it be required.

The facility will have an initial term of two years, while other terms and conditions, including financial covenants, are substantially similar to Pembina's existing $2.5 billion revolving credit facility.

Pembina noted that with the addition of the facility, it now has $3.3 billion in revolving credit facility capacity and about $2.3 billion in available cash and unutilized debt facilities.

Further, over the next two years, Pembina's debt maturities are modest and include $73 million in 2020 as well as $800 million distributed across three instruments throughout 2021.

The company's common share cash dividend for April 2020 of $0.21 per share will be paid on May 15, 2020 to shareholders of record on April 24, 2020.

Pembina will release its first-quarter 2020 results on Thursday, May 7, 2020 after markets close. The company has scheduled a conference call and webcast for Friday, May 8, 2020 for interested investors, analysts, brokers and media representatives.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
PepsiCo, Inc. (PEP) has reached an agreement with private equity firm PAI Partners to sell Tropicana, Naked and other select juice brands across North America. The agreement also includes an irrevocable option to sell certain juice businesses in Europe. The combined pre-tax cash proceeds will be approximately... Drug major Eli Lilly And Co. reported Tuesday weak profit in its second quarter, despite higher revenues driven by strong volume across core business and most major geographies. Further, the company trimmed its forecast for fiscal 2021 earnings on a reported basis and margin, while maintained adjusted earnings view above market estimates. The company also tightened full-year revenue forecast. Shares of BMW Group were losing around 5 percent in German trading after the luxury automaker warned Tuesday that its second half-year is likely to be more volatile, affected by supply bottlenecks, high prices for raw materials and a shortage of semiconductors. This was despite reporting strong second-quarter results driven by solid demand.
Follow RTT