07:52 AM EDT, 06/30/2025 (MT Newswires) -- Pembina Pipeline ( PBA ) traded 1.5% lower at last look Monday in NYSE pre-market trading as the company commenced a solicitation of written consents and proxies from holders of its 4.80% fixed-to-fixed rate subordinated notes, Series 1 due Jan. 25, 2081.

In connection with the proxy solicitation, Pembina set a July 28 meeting of Series 1 noteholders if the consent solicitation fails to obtain the required approval. Pembina said it is seeking approval from Series 1 Noteholders of certain proposed amendments to the indenture dated Jan. 25, 2021, including the addition of a right to exchange Series 1 notes for an equal principal amount of a new series of subordinated notes, called Series 3.

The Series 3 notes will substantially have the same terms as the Series 1 notes and will rank equally in right of payment with the holders of the outstanding 5.95% fixed-to-fixed Rate subordinated notes, Series 2 of Pembina due June 6, 2055, the company said.

If the proposed amendments are implemented, Pembina said Series 1 Noteholders that did not consent to and did not exercise their exchange right may realize a capital gain or capital loss for Canadian income tax purposes on the automatic exchange.

Pembina said the deadline for the submission of written consents by Series 1 noteholders is July 22, while the deadline for the submission of proxies for the meeting is July 24.