Business
AltaGas Ltd. announces the completion of the initial public offering of AltaGas Canada Inc., which includes AltaGas' Canadian utilities and certain renewable power assets in Canada
AltaGas Ltd. announces the completion of the initial public offering of AltaGas Canada Inc...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\n\nAltaGas Ltd. announces the completion of 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, Oct. 25, 2018\n\n\n\nAltaGas maintains a significant minority interest in AltaGas Canada Inc.\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n CALGARY, Oct. 25, 2018 /CNW/ -\nAltaGas Canada Inc. (\"ACI\") has successfully completed the initial public offering (\"IPO\") and sale of 16,500,000 common shares at $14.50 per common share (the \"Offering Price\") for gross proceeds of approximately $239 million. Total cash proceeds for AltaGas from the IPO are approximately $874 million1, which will be funded by ACI through the sale of 16,500,000 common shares and $635 million in debt.2 Total cash proceeds for AltaGas could increase to approximately $910 million1 if the 2,475,000 common share over-allotment option is exercised in full. Following the IPO, AltaGas holds approximately 45 percent of ACI common shares, which could be reduced to approximately 36.7 percent if the over-allotment option is exercised in full. AltaGas has exceeded its $2.0 billion target on its asset monetization plan with respect to the repayment of its bridge facility, with approximately $2.4 billion raised. AltaGas has been rapidly repaying its bridge facility, and expects to repay its final commitment of approximately US $1.2 billion in the fourth quarter of 2018.AltaGas Ltd. (AltaGas) (TSX: ALA) announced today that ACI has successfully completed the IPO and sale of 16,500,000 common shares of ACI at the Offering Price for aggregate gross proceeds of approximately $239 million. Total cash proceeds for AltaGas including the sale of ACI common shares to the public and $635 million in new debt issued at ACI is approximately $874 million1.  Total cash proceeds for AltaGas could increase to $910 million1 if the 2,475,000 common share over-allotment option ...