ALA.PR.G Reaches Premium On Excellent Volume

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:

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:

Maturity Type : Limit Maturity
Maturity Date : 2044-07-03
Maturity Price : 23.18
Evaluated at bid price : 25.10
Bid-YTW : 4.53 %

Leave a Reply

You must be logged in to post a comment.