CALGARY, AB, Sept. 30, 2020 /CNW/ - AltaGas Ltd. ("AltaGas")
(TSX: ALA) announced today that 35,180 of its 8,000,000 Cumulative
Redeemable Five-Year Fixed Rate Reset Preferred Shares, Series A
(the "Series A Preferred Shares") (TSX: ALA.PR.A) were tendered for
conversion into Cumulative Floating Rate Preferred Shares, Series B
(the "Series B Preferred Shares") (TSX: ALA.PR.B) and that
1,270,639 of its Series B Preferred Shares were tendered for
conversion into Series A Preferred Shares. As a result of the
conversions AltaGas has 5,511,220 Series A Preferred Shares and
2,488,780 Series B Preferred Shares issued and
outstanding.
The Series A Preferred Shares will continue to pay on a
quarterly basis, for the five-year period beginning on September 30, 2020, as and when declared by the
Board of Directors of AltaGas, a fixed dividend based on an annual
fixed dividend rate of 3.060 percent. The Series A Preferred Shares
will continue to be listed on the Toronto Stock Exchange (TSX)
under the symbol ALA.PR.A.
The Series B Preferred Shares will pay a floating quarterly
dividend for the five-year period beginning on September 30, 2020, as and when declared by the
Board of Directors of AltaGas. The floating quarterly dividend rate
for the Series B Preferred Shares for the quarterly floating rate
period (being the period from September 30,
2020 to but excluding, December 31,
2020) is 2.809 percent and will be reset every quarter. The
Series B Preferred Shares will continue to be listed the TSX under
the symbol ALA.PR.B.
For more information on the terms of, and risks associated with
an investment in, the Series A Preferred Shares and the Series B
Preferred Shares, please see the prospectus supplement dated
August 11, 2010 which is available on
SEDAR at www.sedar.com.
AltaGas is a leading North American energy infrastructure
company that connects NGLs and natural gas to domestic and global
markets. AltaGas creates value by growing and optimizing its energy
infrastructure, including a focus on clean energy sources. For more
information visit: www.altagas.ca
This news release contains forward-looking statements. When
used in this news release, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "expect", and similar expressions, as they
relate to AltaGas or an affiliate of AltaGas, are intended to
identify forward-looking statements. In particular, this news
release contains forward-looking statements with respect to, among
other things, the payment of dividends, listing and trading of
Series A Shares and Series B Shares and the timing and manner of
determination of the interest rate(s) applicable in respect
thereof. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect AltaGas'
current views with respect to future events based on certain
material factors and assumptions and are subject to certain risks
and uncertainties, including without limitation, changes in market
competition, governmental or regulatory developments, general
economic conditions and other factors set out in AltaGas' public
disclosure documents. Many factors could cause AltaGas' actual
results, performance or achievements to vary from those described
in this news release, including without limitation those listed
above. These factors should not be construed as exhaustive. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in this
news release as intended, planned, anticipated, believed, sought,
proposed, estimated or expected, and such forward-looking
statements included in, or incorporated by reference in this news
release, should not be unduly relied upon. Such statements speak
only as of the date of this news release. AltaGas does not intend,
and does not assume any obligation, to update these forward-looking
statements. The forward-looking statements contained in this news
release are expressly qualified by this cautionary
statement.
SOURCE AltaGas Ltd.