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Pembina Pipeline Corporation Announces New Credit Facility And Webcast Information For Upcoming Special Meeting Of Shareholders

Stocks in this article: PPL

CALGARY, March 20, 2012 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") announced today that it has entered into a new unsecured revolving credit facility (the "Facility") of $800 million with a syndicate of Canadian banking institutions for a term of 5 years. In addition, Pembina has received commitments from its bank syndicate to increase the Facility to $1.5 billion on closing of its proposed acquisition of Provident Energy Ltd. ("Provident"). The Facility is available for general corporate purposes and to execute Pembina's growth strategy.

"By increasing and extending our Facility, we have greater flexibility to capitalize on strategic opportunities as they arise," said Bob Michaleski, Pembina's Chief Executive Officer.

Pembina will hold a Special Meeting of Shareholders (the "Meeting") on Tuesday, March 27, 2012 at 10:30 a.m. MDT ( 12:30 p.m. EDT) in the Metropolitan Ballroom located at the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta, Canada. The purpose of the Meeting is to provide Pembina shareholders of record at the close of business on February 14, 2012 an opportunity to vote on the issuance of Pembina common shares in connection with Pembina's proposed acquisition of Provident by way of a Plan of Arrangement (the "Arrangement").

Following the formal proceedings of the Meeting, Bob Michaleski, Pembina's Chief Executive Officer will present the combined company's go-forward strategy, and members of the Board of Directors and the management team will be available to investors in attendance for a question and answer period.

A listen-only live webcast of the event can be accessed on Pembina's website at under Investor Centre, Presentation & Events, or by entering in your web browser.

About Pembina

Pembina Pipeline Corporation transports crude oil and natural gas liquids produced in western Canada, owns and operates oil sands pipelines and has a strong presence in midstream and marketing and gas services sectors. Pembina provides monthly cash dividends to its shareholders. Pembina's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols PPL and PPL.DB.C respectively.

Forward-Looking Information and Statements

This news release contains certain forward-looking information and statements ("forward-looking statements") within the meaning of applicable securities laws and are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stat ed. The use of any of the words "proposed", "will" and similar expressions are intended to identify forward-looking statements and information.

The forward-looking statements in this news release are based on certain key expectations and assumptions made by Pembina, including the receipt, in a timely manner, of regulato r y, shareholder and third-party approvals in respect of the proposed Arrangement. Although Pembina believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Pembina can give no assurance that they will prove to be correct.

This news release also contains forward-looking statements concerning the anticipated completion of the proposed Arrangement and the anticipated increase to the Facility on closing of the Arrangement. Pembina has provided these forward-looking statements in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of the necessary regulatory, court and other third-party approvals; and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary regulatory, court or other third-party approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements and are made as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

SOURCE Pembina Pipeline Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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