January 4, 2024 [AltaGas]-  AltaGas Ltd. (“AltaGas”) (TSX: ALA) today announced that it has agreed to issue $400 million of senior unsecured medium term notes (the “Offering”) with a coupon rate of 4.672 percent, maturing on January 8, 2029.

The Offering is expected to close on or about January 8, 2024. The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas’ credit facilities, to fund working capital, and for general corporate purposes. A portion of the current indebtedness under AltaGas’ credit facilities was incurred to fund the debt portion of the Pipestone asset acquisition, which was closed December 22, 2023.

The Offering is being made through a syndicate of investment dealers co-led by TD Securities Inc. and BMO Nesbitt Burns Inc. under AltaGas’ short form base shelf prospectus dated March 31, 2023, as supplemented by a prospectus supplement dated May 11, 2023 and related pricing supplement dated January 3, 2024.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Offering in any jurisdiction. The Offering has not been approved or disapproved by any regulatory authority nor will it be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available.

All financial figures are in Canadian dollars.

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