Pembina Pipeline Income Fund POP Offering

Pembina Pipeline Income Fund completed a POP offering of $60 million 8.25 per cent convertible unsecured subordinated debentures on March 21, 2001. Pembina used the proceeds to subscribe for subordinated notes issued by Pembina Pipeline Corporation, which in turn paid down bank debt incurred to acquire various oil and NGL feeder pipeline systems.

Pembina Pipeline was represented by Blake, Cassels & Graydon LLP, with a securities team comprising Dallas Droppo, Jacquie Moore, Ross Bentley and Nicole Andersen. Blakes’ banking lawyer Warren Nishimura handled the paperflow relating to the subscription by the fund for inter-corporate sub debt and subordination to senior lenders. Scotia Capital Inc., as lead underwriter, retained David Phillips, Mark Eade, Kristine Kennedy and Conni Gibson of McCarthy Tétrault. The Bank of Nova Scotia, on behalf of the bank syndicate, retained Barry Emes and Leland Corbett of Stikeman Elliott.