ALTAGAS LTD. CLOSES AGGREGATE $400 MILLION MEDIUM TERM NOTE OFFERING
CALGARY, AB, May 15, 2023 /CNW/ - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has completed its issue of $400 million of senior unsecured medium term notes (the "Offering") with a coupon rate of 4.638 percent, maturing on May 15, 2026.
The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas' credit facility and to refinance the senior unsecured medium-term note maturing in June 2023. The Offering continues to stagger, extend and de-risk AltaGas' capital structure and tenor profile.
The Offering was made through a syndicate of investment dealers co-led by TD Securities Inc., CIBC Capital Markets Inc. and National Bank Financial Inc. under AltaGas' Short Form Base Shelf Prospectus dated March 31, 2023, Prospectus Supplement dated May 11, 2023 and related Pricing Supplement dated May 11, 2023.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the offering in any jurisdiction. The offering has not been approved or disapproved by any regulatory authority or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available.
All financial figures are in Canadian dollars.
AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.
Senior Vice President, Corporate Development and Investor Relations
Director, Investor Relations
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to AltaGas are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the Offering, the closing of the Offering, the use of proceeds from the Offering and the impact on AltaGas' capital structure. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements reflect AltaGas' current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, governmental or regulatory developments, general economic conditions and other factors set out in AltaGas' public disclosure documents. Many factors could cause AltaGas' actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such forward-looking statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE AltaGas Ltd.