Pembina Pipeline Corporation filed a prospectus supplement dated June 2, 2025, announcing an offering of $200 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2, due June 6, 2055. The notes will bear interest at a fixed annual rate of 5.95%, payable semi-annually until June 6, 2035. Thereafter, the rate will reset every five years to the Government of Canada Yield plus 3.92%, continuing until maturity. The notes are subordinated and are not redeemable prior to June 6, 2035, except in specified tax or regulatory circumstances. Following that date, redemption is permitted every five years on an interest payment date.

The offering is being made under Pembina’s short form base shelf prospectus dated May 25, 2023, and the related supplement dated June 2, 2025. Pembina intends to use the net proceeds to repay outstanding indebtedness under its revolving credit facility, which was used mainly for capital expenditures and general corporate purposes.

The terms of the offering were determined through negotiations between Pembina and the Joint Lead Underwriters: CIBC World Markets Inc., BMO Nesbitt Burns Inc., and Scotia Capital Inc. The full syndicate of underwriters also includes National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., ATB Securities Inc., J.P. Morgan Securities Canada Inc., Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., and MUFG Securities (Canada), Ltd. Legal matters are being handled by Blake, Cassels & Graydon LLP for Pembina and Stikeman Elliott LLP for the underwriters.