PrefBlog

AltaGas Ltd. has announced:

it has closed its previously announced public offering of 8,000,000 Cumulative Redeemable Rate Reset Preferred Shares, Series E (the “Series E Preferred Shares”), at a price of $25.00 per Series E Preferred Share (“the Offering”) for aggregate gross proceeds of $200 million, including 2,000,000 Series E Preferred Shares pursuant to the exercise in full of an underwriters’ option.

The Offering was first announced on December 4, 2013 when AltaGas entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets and Scotiabank.

Net proceeds will be used to reduce outstanding indebtedness and for general corporate purposes.

The Series E Preferred Shares will commence trading today on the Toronto Stock Exchange (“TSX”) under the symbol ALA.PR.E.

ALA.PR.E is a FixedReset, 5.00%+317, announced December 4. The issue will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

The issue traded 430,453 shares today in a range of 24.69-00 before closing at 25.00-02, 7×15.

Vital Statistics are:

This entry was posted on Friday, December 13th, 2013 at 7:26 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.