News Release

Pembina Pipeline Corporation Announces $250 Million Medium-Term Note Public Offering


CALGARY, March 24 /CNW/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) announced today that is has agreed to issue $250 million of senior unsecured medium-term notes. The notes have a fixed interest rate of 4.89% per annum, paid semi-annually, and will mature on March 29, 2021.

Closing of the offering is anticipated to occur on March 29, 2011 and the net proceeds from the offering will be used to repay a portion of Pembina's existing credit facility and to fund organic growth opportunities.

"Today marks Pembina's first Canadian public note offering. This financing will strengthen our balance sheet as we confidently pursue our growth plans and maintain our focus on building long-term value for our shareholders," commented Peter Robertson, Pembina's Vice President Finance and Chief Financial Officer. "This note offering provides further evidence of Pembina's proven access to capital markets at attractive rates and helps ensure Pembina retains the financial flexibility required to execute its business plan," added Robertson.

Standard & Poor's Rating Services and DBRS Limited have assigned preliminary credit ratings of BBB+ and BBB (high), respectively, to the notes.

The notes are being offered through a syndicate of agents co-led by CIBC World Markets Inc. and National Bank Financial Inc. under Pembina's short form base shelf prospectus dated November 12, 2010, a related prospectus supplement dated March 16, 2011 and a related pricing supplement to be dated March 24, 2011.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction, in which such an offer, solicitation or sale would be unlawful. The notes being offered 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 (the "U.S. Securities Act"), or any state securities laws, and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons unless an exemption from the registration requirements of the U.S. Securities Act is available.

Pembina transports crude oil and natural gas liquids produced in Western Canada, owns and operates oil sands pipelines and has a growing presence in midstream and gas services. Pembina's common shares (PPL) and convertible debentures (PPL.DB.C) are traded on the TSX.

Forward-Looking Information and Statements

This news release contains certain forward-looking information and statements that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "anticipates", "expects", "plans", "estimates", "will", "aims" and similar expressions.

In particular, this news release contains forward-looking information and statements relating to Pembina's growth plans, the anticipated closing date of the offering, and the anticipated use of the net proceeds of the offering. These forward-looking statements are based on certain assumptions including: that favourable growth parameters continue to exist in respect of current and future growth projects (including the ability to finance such projects on favourable terms); and that Pembina's businesses will continue to achieve sustainable financial results.

These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners, alliances and agreements; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; construction delays; labour and material shortages; and certain other risks detailed from time to time in Pembina's public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Pembina's management's discussion and analysis for the year ended December 31, 2010, which can be found at In addition, the closing of the offering of notes may not be completed, or may be delayed, if Pembina is not able satisfy the conditions to the closing of the offering on the timelines it has planned or at all. Accordingly, there is a risk that the offering will not be completed within the anticipated time, on the terms currently proposed, or at all. The intended use of the net proceeds of the offering by Pembina may change if the board of directors of Pembina determines that it would be in the best interests of Pembina to deploy the proceeds for some other purpose.

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. 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.

All dollar values are in Canadian dollars.