(Source: Shutterstock.com)
Calgary, Alberta-based AltaGas Ltd. has priced an offering of US$900 million (CA$1.2 billion) aggregate principal amount on its 7.20% junior subordinated notes due 2054.
The notes, which have a “fixed-to-fixed reset rate”, will be callable at the first reset date of Oct. 15, 2034, AltaGas said in a Sept. 17 press release.
The offer is expected to close by Sept. 23, 2024, subject to customary closing conditions.
AltaGas said it intends to use the offer’s net proceeds to reduce its outstanding senior notes and bank debt.
The offer follows the company’s Aug. 31 announcement that it acquired multiple midstream, storage and terminals from Tidewater Midstream and Infrastructure Ltd. for CA$650 million (US$480 million).
Total consideration comprised CA$325 million (US$239 million) in cash and the issuance of approximately 12.5 million AltaGas common shares to Tidewater.
Recommended Reading
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
2024-07-25 - Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024
2024-07-18 - Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
2024-07-19 - Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.
Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles
2024-07-19 - Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.
Gulfport Energy to Offer $500MM Senior Notes Due 2029
2024-09-03 - Gulfport Energy Corp. also commenced a tender offer to purchase for cash its 8.0% senior notes due 2026.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.