AltaGas Ltd.

AltaGas Ltd.

June 06, 2012 09:39 ET

AltaGas Ltd. Announces Closing of US$200 Million Preferred Share Offering

CALGARY, ALBERTA--(Marketwire - June 6, 2012) - AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.R) announced today it has closed its previously announced public offering of 8,000,000 Cumulative Redeemable Five-Year Fixed Rate Reset Preferred Shares, Series C (the "Series C Preferred Shares") at a price of US$25.00 per Series C Preferred Share ("the Offering") for aggregate gross proceeds of US$200 million. The previously announced underwriters' option to purchase an additional 2,000,000 Series C Preferred Shares at a price of US$25.00 per share was exercised in full.

The Offering was first announced on May 29, 2012 when AltaGas entered into an agreement with a syndicate of underwriters, co-led by RBC Capital Markets, CIBC and Scotiabank.

Net proceeds will be used to reduce outstanding indebtedness and for general corporate purposes.

The Series C Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol ALA.PR.U.

AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on renewable energy sources. For more information visit:

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, business objectives, expected growth, results of operations, performance, business projects and opportunities, financial results, the use of proceeds from the Offering and the trading of the Series C Preferred Shares on the TSX. 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.

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