Keyera Corp. Announces Successful Completion of Consent Solicitation for Outstanding Hybrid Notes

CALGARY, AB, Nov. 3, 2025 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera" or the "Company") today announced, further to its press releases on September 15, 2025, September 29, 2025 and October 20, 2025, the successful completion of its previously announced solicitation of written consents (the "Consent Solicitation") from holders as of October 17, 2025 (being the record date for the Consent Solicitation) (the "Noteholders") of its C$600,000,000 6.875% Fixed-to-Floating Rate Subordinated Notes, Series 2019 due June 13, 2079 (the "2019 Notes") and C$350,000,000 5.950% Fixed-to-Fixed Rate Subordinated Notes, Series 2021 due March 10, 2081 (the "2021 Notes" and, together with the 2019 Notes, the "Notes").

Results of the Consent Solicitation

Based on the report of the tabulation agent, the Consent Solicitation received strong support and was approved by Noteholders, exceeding the required threshold of not less than 66 2/3% of the aggregate outstanding principal amount of each series of Notes.

As a result, the extraordinary resolutions authorizing certain proposed amendments (the "Proposed Amendments") to the indentures governing the Notes have been approved. The Proposed Amendments will be effected through supplemental indentures dated November 3, 2025 (the "Supplemental Indentures"), pursuant to which all outstanding principal amount of the 2019 Notes and 2021 Notes will be exchanged for an equal principal amount of new notes (the "New Notes").

Description of the New Notes

The New Notes will have the same economic terms as the 2019 Notes and 2021 Notes, including the interest rate, payment dates, maturity date, and redemption provisions. However, the New Notes will not include provisions requiring the automatic conversion into preferred shares upon certain bankruptcy or related events.

The removal of these provisions ensures the New Notes will rank equally in right of payment with Keyera's most recently issued hybrid securities, bringing all outstanding hybrid instruments into alignment. Following the completion of the note exchange, Morningstar DBRS is expected to confirm the instrument rating of the New Notes consistent with Keyera's other hybrid notes.

Advisors

RBC Dominion Securities Inc. acted as solicitation agent for the Consent Solicitation. Computershare Investor Services Inc. acted as tabulation agent.

About Keyera Corp.

Keyera Corp. (TSX:KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

Forward-Looking Information

This news release also contains forward-looking information pertaining to the expected credit ratings to be assigned to the New Notes by Morningstar DBRS. The forward-looking information herein is subject to risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including risks associated with capital and debt markets. No assurance can be given that these expectations will prove to be correct and such forward looking information should not be unduly relied upon. For additional information, see the risks and uncertainties in Keyera's public filings on www.sedarplus.ca. The forward-looking information in this news release are made as of the date hereof, and except as required by applicable securities law, Keyera undertakes no obligation to update publicly or revise such documents, whether as a result of new information, future events, or otherwise.   

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:

Dan Cuthbertson, Director, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations

Email: [email protected]
Telephone: [phone]
Toll free: 888.699.4853

SOURCE Keyera Corp.