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Kinder Morgan Announces Sale Of Pembina Shares

Kinder Morgan, Inc. (NYSE:KMI) today announced it has sold all of the approximately 25 million shares of Pembina Pipeline Corporation (TSX:PPL, NYSE:PBA) (Pembina) stock it received in connection with Pembina’s

Benzinga · 01/09/2020 14:20

Kinder Morgan, Inc. (NYSE:KMI) today announced it has sold all of the approximately 25 million shares of Pembina Pipeline Corporation (TSX:PPL, NYSE:PBA) (Pembina) stock it received in connection with Pembina’s acquisition of the outstanding common equity of Kinder Morgan Canada Limited. The sale of these shares is consistent with KMI’s previously announced intention to convert the shares into cash in an opportunistic and non-disruptive manner, and the after-tax proceeds of $764 million are consistent with KMI’s 2020 budget. As previously disclosed, KMI intends to use the proceeds to pay down debt – creating balance sheet flexibility in 2020 (relative to KMI’s long-term leverage target of 4.5 times Net Debt-to-Adjusted EBITDA).