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Altagas Ltd - Price Target Update

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Altagas Inc. – Price Target Update

Altagas Ltd AFFO for 2018 following the completion of the WGL in June-2018 is forecast at $2.25 compared to dividends of $2.19. This is a reduction from $3.00 per share to include selling assets at less than anticipated prices, potential higher interest rates on outstanding debt, an increase in the average number of shares outstanding and the inclusion of WGL. Subscription receipts to finance the WGL raised total capital of $2.5B, however between mid-2017 and the final closing in Jun-2018 approximately $700M was deducted to pay dividends to the receipt holders and for costs of the issue. This was the cost of confirming a portion of the financing to pay for WGL.

Altagas initially spent $7.3M(US), or $9.4B Canadian to acquire WGL. The acquisition was financed from debt already on WGL's books of $2.5B. The $1.8B of net proceeds from the subscription receipts, $0.7M selling a 35% interest in their NW BC Hydro power assets and $0.4M from a second set of asset sales. In addition ALA will raise $0.8B from the assets sold to Altagas Canada Inc. They still have $1.1B to raise to repay the remaining bridge financing which is expected to be term debt, preferred shares and possibly convertible debentures.

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