Inter Pipeline Ltd. announced that it has agreed to issue $550 million of senior unsecured notes (the "Notes"). The Notes will have a fixed interest rate of 5.849% per annum, payable semi annually, and will mature on May 18, 2032. The Notes will be senior unsecured debt of Inter Pipeline and will rank equally in right of payment with all other existing and future senior unsecured debt of Inter Pipeline.

The Notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the "Offering"). The Offering is being made on a best efforts basis through a syndicate of agents, with RBC Capital Markets, CIBC Capital Markets and National Bank Financial acting as co-lead agents and joint bookrunners and BMO Capital Markets and TD Securities also acting as joint bookrunners. The Offering is expected to close on May 18, 2022, subject to customary closing conditions.

Inter Pipeline will use the net proceeds of the Offering to repay indebtedness under its credit facilities and for general corporate purposes.