On December 19, 2023, Pembina Pipeline Corporation (“Pembina”) closed its bought deal public offering in the United States (“U.S.”) and Canada of 29,900,000 subscription receipts, including 3,900,000 subscription receipts issued pursuant to the exercise in full by the underwriters of their over-allotment option. The subscription receipts were issued at an offering price of $42.85 per subscription receipt for total gross proceeds of approximately $1.28 billion.

Pembina will use the proceeds from the offering to finance a portion of its $3.1 billion acquisition of Enbridge Inc.’s (“Enbridge”) interests in certain pipeline assets, including the Alliance, Aux Sable and NRGreen joint ventures.

Pembina’s subscription receipts offering was the second-largest cross-border equity financing by a Canadian company in 2023, the largest registered cross-border offering of subscription receipts since 2016 and the third-ever such transaction to exceed $1 billion.