CALGARY, ALBERTA–(Marketwired – March 3, 2017) – AltaGas Ltd. (“AltaGas”) (TSX:ALA) announced today that, in connection with its recently completed offerings of 67,800,000 subscription receipts (the “Subscription Receipts”) at an issue price of $31.00 per Subscription Receipt (the “Offering Price”) on a bought deal basis (the “Bought Deal Offering”) and 12,910,000 Subscription Receipts on a private placement basis (the “Private Placement Offering” and, together with the Bought Deal Offering, collectively the “Offerings”), the over-allotment option granted to the underwriters on the Bought Deal Offering (the “Over-Allotment Option”) has been partially exercised for an additional 3,800,000 Subscription Receipts at the Offering Price for aggregate gross proceeds of approximately $118 million. The sale of the additional Subscription Receipts today pursuant to the Over-Allotment Option brings the aggregate gross proceeds from the Offerings to approximately $2.6 billion.
The underwriting syndicate for the Bought Deal Offering was co-led by TD Securities Inc., RBC Capital Markets and J.P. Morgan Securities Canada Inc.
The net proceeds from the Offerings will be used to partially finance the previously announced $8.4 billion acquisition of WGL Holdings, Inc. (“WGL”) (the “Acquisition”). WGL is the sole shareholder of Washington Gas Light Company, a regulated natural gas utility company headquartered in Washington, D.C. WGL also owns non-regulated power, midstream and energy marketing businesses in the United States.
The Subscription Receipts currently trade on the Toronto Stock Exchange under the symbol ALA.R.
All references to dollar amounts contained herein are to Canadian dollars unless otherwise indicated.
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