By Marisa Wong
Los Angeles, March 12 – AltaGas Ltd. has agreed to issue senior medium-term notes (//BBB) in two tranches, according to a press release.
The company priced C$350 million of 5.141% senior medium-term notes due March 14, 2034 and C$250 million of 5.597% senior medium-term notes due March 14, 2054.
The offering is being made through a syndicate of investment dealers co-led by CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc. under the company’s short-form base shelf prospectus dated March 31, 2023.
The offering is expected to close on or about March 14.
Net proceeds will be used to refinance the company’s March 2024 medium-term note maturities, to pay down other existing debt, to fund working capital and for general corporate purposes.
The energy infrastructure company is based in Calgary, Alta.
| Issuer: | AltaGas Ltd.
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| Amount: | C$600 million
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| Issue: | Senior medium-term notes
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| Dealers: | CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc.
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| Announcement date: | March 11
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| Settlement date: | March 14
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| Rating: | Fitch: BBB
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| 2034 notes
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| Amount: | C$350 million
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| Maturity: | March 14, 2034
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| Coupon: | 5.141%
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|
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| 2054 notes
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| Amount: | C$250 million
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| Maturity: | March 14, 2054
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| Coupon: | 5.597%
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