PrefBlog

AltaGas Ltd. has announced:

its intention to redeem – in accordance with the terms of the Cumulative Redeemable 5-Year Rate Reset Preferred Shares, Series C (the “Series C Shares”) as set out in the Company’s articles – all of its 8,000,000 issued and outstanding Series C Shares on September 30, 2022 (the “Redemption Date”) for a redemption price equal to US$25.00 per Series C Share, together with all accrued and unpaid dividends to, but excluding, the Redemption Date (the “Redemption Price”), less any tax required to be deducted or withheld by the Company.

As outlined in an August 17, 2022 press release, AltaGas intends to use the net proceeds from the $250 million of 7.35% Fixed-to-Fixed Rate Subordinated Notes, Series 2 due August 17, 2082 to redeem or repurchase its outstanding Series C Shares.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series C Shares in accordance with the terms of the Series C Shares as set out in the Company’s articles. Non-registered holders of Series C Shares should contact their broker or other intermediary for information regarding the redemption process for the Series C Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series C Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare Investor Services Inc. at 1-800-564-6253 or by email to corporateactions@computershare.com.

ALA.PR.U was issued as a FixedReset, US-Pay, 4.40%+358, that commenced trading 2012-6-6 after being announced 2012-5-29. It reset to 5.29% in 2017. The possibility of a redemption was announced earlier this month.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

This entry was posted on Monday, August 22nd, 2022 at 8:53 pm and is filed under Issue Comments, US Pay. 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.