AltaGas Ltd. announced that it has closed its previously announced offering of $200 million of 8.90% Fixed-to-Fixed Rate Subordinated Notes, Series 3 due November 10, 2083 (Offering). 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. Series E Preferred Share dividends are not deductible for tax purposes and are subject to part 6.1 tax at 40%. As a result of the Offering, based on current rates, AltaGas expects to save approximately $10 million or $0.01 of annual earnings per share during the initial five-year term of the subordinated notes due to lower taxes and financing charges relative to what the reset rate would have been on the Series E Preferred Share dividends.
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5-day change | 1st Jan Change | ||
30.48 CAD | +0.26% | +0.40% | +9.56% |
05-02 | Transcript : AltaGas Ltd. - Shareholder/Analyst Call | |
05-02 | AltaGas Maintained at Outperform at National Bank Following Q1 Results; Price Target Kept at C$33.00 | MT |
EPS Revisions
1st Jan change | Capi. | |
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+9.56% | 6.57B | |
-8.81% | 25.24B | |
+0.91% | 18.06B | |
+18.78% | 15.23B | |
-12.24% | 11.58B | |
+21.36% | 9.26B | |
+8.43% | 8.96B | |
+3.79% | 7.62B | |
+2.81% | 7.37B | |
+5.19% | 5.28B |
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- AltaGas Ltd. Closes its Previously Offering of $200 Million of 8.90% Fixed-To-Fixed Rate Subordinated Notes, Series 3 Due November 10, 2083