Pembina Pipeline Corporation Announces Closing of $500 Million 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 $500 million of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in three tranches consisting of $300 million principal amount of senior unsecured medium-term notes, series 19 (the "Series 19 Notes") having a fixed coupon of 5.72% per annum, paid semi-annually, and maturing on June 22, 2026; $100 million principal amount issued through a re-opening of the Company's senior unsecured medium-term notes, series 5 (the "Series 5 Notes") having a fixed coupon of 3.54% per annum, paid semi-annually, and maturing on February 3, 2025; and $100 million principal amount issued through a re-opening of the Company's senior unsecured medium-term notes, series 6 (the "Series 6 Notes") having a fixed coupon of 4.24% per annum, paid semi-annually, and maturing on June 15, 2027. The gross proceeds of the Offering were approximately $493 million.

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The net proceeds of the Offering are anticipated to be used to repay indebtedness of the Company under its unsecured $1.5 billion revolving credit facility, as well as for general corporate purposes.

The Series 19 Notes and the re-opened Series 5 Notes and Series 6 Notes were offered through a syndicate of dealers under Pembina's short-form base shelf prospectus dated November 29, 2021, as supplemented by related pricing supplements dated June 20, 2023.

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 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, 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 a growing export terminals business. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.