ALTAGAS ANNOUNCES INTENTION TO REDEEM ALL OUTSTANDING SERIES E PREFERRED SHARES

CALGARY, AB, Nov. 21, 2023 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA.PR.E) announces its intention to redeem – in accordance with the terms of the Cumulative Redeemable 5-Year Rate Reset Preferred Shares, Series E (the "Series E Shares") as set out in the Company's articles – all of its 8,000,000 issued and outstanding Series E Shares on December 31, 2023 (the "Redemption Date") for a redemption price equal to $25.00 per Series E Share, together with all accrued and unpaid dividends to, but excluding, the Redemption Date (the "Redemption Price"), less any tax required to be deducted or withheld by the Company.

As outlined in the November 10, 2023 press release, AltaGas intends to use the net proceeds from the $200 million of 8.90% Fixed-to-Fixed Rate Subordinated Notes, Series 3 due November 10, 2083 to redeem or repurchase its outstanding Series E Shares.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series E Shares in accordance with the terms of the Series E Shares as set out in the Company's articles. Non-registered holders of Series E Shares should contact their broker or other intermediary for information regarding the redemption process for the Series E Shares in which they hold a beneficial interest. The Company's transfer agent for the Series E Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare Investor Services Inc. at 1-800-564-6253 or by email to [email protected]. 

ABOUT ALTAGAS

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.

For more information visit www.altagas.ca or reach out to one of the following:

Jon Morrison
Senior Vice President, Corporate Development and Investor Relations
[email protected]

Adam McKnight
Director, Investor Relations
[email protected]

Investor Inquiries
1-877-691-7199
[email protected]

Media Inquiries
1-403-206-2841
[email protected]

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "target", "potential", "objective", "continue", "outlook", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. Specifically, this news release contains forward-looking statements with respect to, among other things, the payment of dividends to holders of the Series E Shares and the redemption of the Series E Shares including the Redemption Date, the Redemption Price and AltaGas' intention to use the net proceeds from the offering of the 8.90% Fixed-to-Fixed Rate Subordinated Notes, Series 3 due November 10, 2083 to redeem the Series E Shares.

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 forward-looking 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, governmental and 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 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.