CALGARY, ALBERTA–(Marketwired – Sept. 8, 2016) – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX:IPL) announced today the declaration of a cash dividend of $0.13 per share for September 2016. This dividend will be paid on or about October 14, 2016 to shareholders of record on September 22, 2016. This dividend is designated as an “eligible dividend” for Canadian tax purposes.
On August 30, 2016, Inter Pipeline reached an agreement with its lending syndicate to increase the size of its senior, unsecured revolving credit facility from $1.25 billion to $1.5 billion. The term of the credit facility remains unchanged with a maturity date of December 4, 2020, which can be extended further under certain conditions. This credit facility was increased in part to fund a portion of Inter Pipeline’s acquisition of the Williams Canadian NGL midstream business, which was first announced on August 8, 2016. The acquisition is expected to close in the third quarter of 2016.
Since inception, Inter Pipeline has distributed approximately $3.6 billion in cash payments to investors. Inter Pipeline’s objective is to provide investors with sustainable monthly cash dividends, with dividend growth upside tied to the development of Inter Pipeline’s portfolio of growth projects.
Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation, natural gas liquids extraction, and bulk liquid storage business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and Europe. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL. www.interpipeline.com