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AltaGas Announces Closing of the Sale of a 35 Percent Indirect Equity Interest in the Northwest British Columbia Hydro Electric Facilities
AltaGas Announces Closing of the Sale of a 35 Percent Indirect Equity Interest in the Nort...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\nAltaGas Announces Closing of the Sale of a 35 Percent Indirect Equity Interest in the Northwest British Columbia Hydro Electric Facilities\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, June 22, 2018\n\n\n\nCALGARY, June 22, 2018 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) announced today that it has successfully completed the sale of a 35 percent indirect equity interest in the Northwest British Columbia Hydro Electric Facilities (the \"Facilities\") for $922 million, which implies a value of $2.6 billion on a 100 percent basis. \n\nThe sale of the interest in the Facilities is part of the larger funding strategy related to AltaGas' acquisition of WGL Holdings, Inc. (\"WGL\"), and represents almost half of the approximately $2 billion in asset sales to be raised.  AltaGas remains confident in completing its long-term financing plan over the next several months and continues to advance discussions for the monetization of additional assets.\n\nBeyond the planned asset sales, the balance of the funding for the acquisition will be obtained through offerings of senior debt and hybrid securities, as well as the $2.6 billion in equity proceeds raised through the February 2017 subscription receipt offering and private placement. The acquisition is fully backstopped with a US$3 billion bridge facility and the subscription receipt proceeds.\n\nThe sale of the 35 percent stake of AltaGas' interest in the Facilities is to a joint venture company that is indirectly owned by Axium Infrastructure Inc., as manager of Axium Infrastructure Canada II Limited Partnership, and Manulife Financial Corporation. AltaGas remains the majority holder of the Facilities and will continue to provide all operational, maintenance and management functions. \n\nThe Facilities are located in Tahltan First Nation territory and are comprised of the 195-megawatt Forrest Kerr Hydroelectric Facility, the 16-megawatt Volcano Creek Hydroelectric Facility, and the 66-megawatt McLymont Creek Hydroelectric Facility. The Facilities achieved commercial operation in 2014 and 201...