AltaGas Ltd.

AltaGas Ltd.

November 02, 2011 16:27 ET

AltaGas to Issue $125 Million of Common Shares

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2011) -


AltaGas Ltd. ("AltaGas" or the "Corporation") (TSX:ALA)(TSX:ALA.PR.A) today announced that it has entered into an agreement with a syndicate of underwriters, co-led by TD Securities Inc. and RBC Capital Markets under which the underwriters have agreed to purchase from AltaGas and sell to the public 4,270,000 common shares ("Common Shares") at a purchase price of $29.30 per Common Share, for gross proceeds of approximately $125 million (the "Offering"). The net proceeds from the Offering will be used to repay debt and for general corporate purposes. Closing of the Offering is anticipated to occur on November 15, 2011.

"This financing further strengthens our balance sheet and provides the flexibility to focus on our growth and business strategy as we continue to enhance shareholder value for the long-term," said David Cornhill, Chairman and CEO of AltaGas.

AltaGas has also granted an option to the underwriters to purchase up to an additional 640,500 Common Shares at a price of $29.30 per Common Share for a period of 30 days from the closing of the Offering.

The Common Shares will be issued pursuant to a prospectus supplement that will be filed with securities regulatory authorities in Canada under AltaGas' short form base shelf prospectus dated July 15, 2010.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the Offering has been qualified for distribution. The Common Shares offered are not, and will not be, registered under the securities laws of the United States of America, nor any State thereof, and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

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, the Offering, the use of proceeds from the Offering and the expected closing date of the Offering, expected dividend record and payment dates, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. 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 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 except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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