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AltaGas announces the filing of a preliminary prospectus for the initial public offering of AltaGas Canada Inc. which includes AltaGas' Canadian utilities and certain renewable power assets in Canada
AltaGas announces the filing of a preliminary prospectus for the initial public offering o...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\nAltaGas announces the filing of a preliminary prospectus for the initial public offering of AltaGas Canada Inc. which includes AltaGas' Canadian utilities and certain renewable power assets in Canada\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Sept. 13, 2018\n\n\n\n /NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\nAltaGas Expects to Own a Significant Minority Interest Upon Close of the Initial Public Offering\n CALGARY, Sept. 13, 2018 /CNW/ -\nAltaGas continues to execute on its strategy to reshape the company with a focus on Gas and U.S. Utilities AltaGas expects to hold approximately 37% to 45% of AltaGas Canada Inc. (\"ACI\") at the close of the Initial Public Offering (\"IPO\") Equity proceeds from the IPO, combined with the debt repayment by ACI to AltaGas, are expected to result in significant repayment of the bridge facility with total cash proceeds approaching $1 billion Repayment of the bridge facility is planned to be complete in the fourth quarter of 2018 ACI will hold Canadian rate-regulated natural gas distribution utility assets and contracted wind power in Canada, as well as an approximate 10% indirect equity interest in the Northwest Hydro Facilities in British Columbia ACI to be led by a highly qualified, independent management team, who are expected to build on AltaGas' proud history of growth and developmentAltaGas Ltd. (AltaGas) (TSX: ALA) announced today the filing of a preliminary prospectus by ACI – a wholly owned subsidiary of AltaGas – with respect to ACI's IPO. Upon successful completion of the IPO, AltaGas will retain a significant minority interest in ACI, as well as three nominees on ACI's seven-member board.  \n\"With the completion of the sale of a majority interest in ACI, combined with our previously announced asset monetizations, we will have significantly advanced the repayment of the bridge facility, as well as exceeded our asset sale target,\" stated David Cornhill, Chairman and interim co-Chief ...