AltaGas Ltd. has announced:
that it has closed its previously announced public offering of 8,000,000 Cumulative Redeemable Rate Reset Preferred Shares, Series G (the “Series G Preferred Shares”), at a price of $25.00 per Series G Preferred Share (“the Offering”) for aggregate gross proceeds of $200 million, including 2,000,000 Series G Preferred Shares pursuant to the exercise in full of an underwriters’ option.
The Offering was first announced on June 23, 2014 when AltaGas entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets, Scotiabank and TD Securities Inc.
Net proceeds will be used to reduce outstanding indebtedness and for general corporate purposes.
The Series G Preferred Shares will commence trading today on the Toronto Stock Exchange (“TSX”) under the symbol ALA.PR.G.
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca
ALA.PR.G is a FixedReset, 4.75%+306, announced June 23. It will be tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns. It has been rated Pfd-3 [Stable] by DBRS.
The issue traded 703,300 shares today in a range of 25.05-18 before closing at 25.11-14, 10×62. Vital statistics are:
| ALA.PR.G | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-07-03 Maturity Price : 23.18 Evaluated at bid price : 25.10 Bid-YTW : 4.53 % |