Altagas Canada Ltd.- New Issue Update
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Altagas Canada Ltd – New Issue
Altagas Canada Ltd. (ALC) has ownership in assets purchased from Altagas Inc.(ALA). Altagas Inc. is selling the assets are part of their plan to raise capital to fund the purchase of WGL Utilities. AltaGas Ltd. (ALA) will own approximately 45% of Alta Gas Canada (ALC) (36.8% if the over-allotment option is exercised in full).
The assets acquired include four established regulated natural gas distribution utilities PNG, AUI, Heritage Gas, and a one-third interest in Inuvik Gas all located in northern BC and Alberta serving areas dependent on the oil sands and northern BC natural gas. They are not selling their US utility, SEMCO gas, the Alaska utilities, nor storage facilities located in Nova Scotia. These utilities have a combined total rate base of approximately $837M. In addition Bear Creek Windfarm comprising 30MW and a 10% interest in Bear Mountain Hydro will be transferred. A 35% interest in Bear Mountain has already been sold as part of the program to raise funding for the WGL transaction.
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