(Source: Shutterstock.com)
Calgary, Alberta-based AltaGas Ltd. has priced an offering of US$900 million (CA$1.2 billion) aggregate principal amount on its 7.20% junior subordinated notes due 2054.
The notes, which have a “fixed-to-fixed reset rate”, will be callable at the first reset date of Oct. 15, 2034, AltaGas said in a Sept. 17 press release.
The offer is expected to close by Sept. 23, 2024, subject to customary closing conditions.
AltaGas said it intends to use the offer’s net proceeds to reduce its outstanding senior notes and bank debt.
The offer follows the company’s Aug. 31 announcement that it acquired multiple midstream, storage and terminals from Tidewater Midstream and Infrastructure Ltd. for CA$650 million (US$480 million).
Total consideration comprised CA$325 million (US$239 million) in cash and the issuance of approximately 12.5 million AltaGas common shares to Tidewater.
Recommended Reading
East Daley: Deals Continue ONEOK’s Climb to Midstream Elite
2024-11-13 - Mergers with EnLink and Medallion lift the company into the ranks of Energy Transfer and Enterprise Products Partners.
ONEOK Expands Texas NGL Capacity
2024-12-05 - ONEOK has strengthened its NGL position in Texas, adding a fractionator and newly looped pipeline to its assets.
Howard: The Implications of ONEOK's M&A Binge
2024-10-09 - ONEOK’s M&A binge has propelled it to near the top of the sector. With so much midstream consolidation, what are its implications?
Matterhorn NatGas Pipeline Ramps Up Faster Than Expected
2024-10-22 - The Matterhorn Express natural gas pipeline has exceeded expectations since its ramp up on Oct. 1 for deliveries to interstate systems owned by Kinder Morgan, Williams and Enbridge.
Martin Resources Steps Up Offer for Martin Midstream
2024-10-06 - Martin Resources Management will pay $132 for Martin Midstream, which it had previously spun off, after a pair of New York capital groups counteroffered at a higher price.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.