CALGARY, ALBERTA–(Marketwired – June 6, 2016) – AltaGas Ltd. (“AltaGas”) (TSX:ALA) announced today that it has completed its previously announced public offering of 14,685,000 Common Shares (the “Common Shares”), on a bought deal basis, at an issue price of $30.00 per Common Share (the “Offering Price”), for total gross proceeds of approximately $440 million (the “Offering”).
The offering is comprised of the previously announced offering of 13,350,000 Common Shares at the Offering Price for gross proceeds of approximately $400 million, together with the underwriters exercising the over-allotment option in full for the sale of an additional 1,335,000 Common Shares at the Offering Price for additional gross proceeds of approximately $40 million.
The Offering was first announced on May 26, 2016 when AltaGas entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets and BMO Capital Markets.
The net proceeds resulting from the Offering will be used to partially fund AltaGas’ capital growth program, reduce bank indebtedness and for general corporate purposes.
The Common Shares will begin trading on the Toronto Stock Exchange today under the symbol ALA.
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
