AltaGas announces $200 Million Hybrid Subordinated Note Offering

Press Release

CALGARY, AB, Nov. 7, 2023 – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) today announced that it has priced an offering of $200 million of 8.90% Fixed-to-Fixed Rate Subordinated Notes, Series 3 due November 10, 2083 (the “Offering”). The Notes are callable after five years.

The Offering is expected to close on or about November 10, 2023. The Company intends to use the net proceeds of the Offering to redeem or repurchase its outstanding cumulative redeemable five-year rate reset preferred shares, series E (TSX: ALA.PR.E).

The subordinated notes are being offered through a syndicate of underwriters, co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc., under AltaGas’ short form base shelf prospectus dated March 31, 2023, as supplemented by a prospectus supplement dated November 7, 2023.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the subordinated notes in any jurisdiction. The subordinated notes have not been approved or disapproved by any regulatory authority. The subordinated notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States, or to or for the account of United States persons.
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
Jon.Morrison@altagas.ca

Adam McKnight
Director, Investor Relations
Adam.McKnight@altagas.ca

Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca

Media Inquiries
1-403-206-2841
media.relations@altagas.ca

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