Pembina Pipeline Corporation Announces Closing of $1.8 Billion Public Note Offering

Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $1.8 billion aggregate principal amount of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in three tranches consisting of: $600 million principal amount of senior unsecured medium-term notes, series 20 (the "Series 20 Notes") having a fixed coupon of 5.02% per annum, paid semi-annually, and maturing on January 12, 2032; $600 million principal amount of senior unsecured medium-term notes, series 21 (the "Series 21 Notes") having a fixed coupon of 5.21% per annum, paid semi-annually, and maturing on January 12, 2034; and $600 million principal amount of senior unsecured medium-term notes, series 22 (the "Series 22 Notes") having a fixed coupon of 5.67% per annum, paid semi-annually, and maturing on January 12, 2054.

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The net proceeds of the Offering are anticipated to be used to: (i) to fund a portion of the purchase price for the previously announced acquisition (the "Acquisition") of all of the interests of Enbridge Inc. in the Alliance, Aux Sable and NRGreen Power joint ventures and related operatorship contracts; (ii) to repay indebtedness of the Company under its unsecured $1.5 billion revolving credit facility; and (iii) for general corporate purposes.

The Series 20 Notes, the Series 21 Notes and the Series 22 Notes were offered through a syndicate of dealers under Pembina's short-form base shelf prospectus dated December 20, 2023, as supplemented by related pricing supplements dated January 10, 2024.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction. The notes have not been approved or disapproved by any regulatory authority. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.