On February 3, 2017, AltaGas Ltd. (AltaGas) completed its public offering of 67,800,000 subscription receipts, on a bought deal basis, at an issue price of $31.00 per subscription receipt (the Offering Price), for total gross proceeds of approximately $2.1 billion.
Additionally, AltaGas completed a private placement to OMERS, the pension plan for Ontario’s municipal employees, of 12,910,000 subscription receipts at the Offering Price for aggregate gross proceeds of approximately $400 million.
The syndicate of underwriters for the public offering was co-led by TD Securities Inc., RBC Capital Markets and J.P. Morgan Securities Canada Inc. TD Securities Inc., RBC Capital Markets and J.P. Morgan Securities Canada Inc. also acted as joint bookrunning agents on the private placement.
The net proceeds from the public offering and the private placement will be used to partially finance the previously announced $8.4-billion acquisition of WGL Holdings, Inc. (WGL). WGL is the sole shareholder of Washington Gas Light Company, a Washington, DC-based regulated natural gas utility company.
The underwriters were represented by Ross Bentley, Daniel McLeod, Trevor Rowles, Nav Dhaliwal, Sarah Hammond, Andrew Goldie, Kathleen Cloutier (securities), and Carrie Aiken and Dan Jankovic (tax) of Blake, Cassels & Graydon LLP.