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.