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Preferred Share Description
AltaGas Limited (ALA.PR.E)
5.393% Cumulative, Redeemable, Rate-Reset Preferred Shares, Series E
Prospectus - December 6, 2013
DBRS Credit Update: December 21, 2018 - DBRS downgraded the Issuer Rating and the Medium-Term Notes ratings of AltaGas Ltd. to BBB (low) from BBB, and the Preferred Shares - Cumulative rating to Pfd-3 (low) from Pfd-3. The trends on the ratings are now Stable.
The downgrade removes the ratings from Under Review with Developing Implications where they were initially placed following the announcement that the Company had agreed to acquire WGL Holdings Inc. (WGL) in January 2017. Please refer to the DBRS press releases “DBRS Places AltaGas Ltd. Under Review with Developing Implications Following Announcement of WGL Holdings Acquisition,” January 26, 2017; “DBRS Maintains AltaGas Ltd. Under Review with Developing Implications,” November 6, 2017; and “DBRS Comments on AltaGas Ltd. Closing Its Acquisition of WGL Holdings, Inc.,” July 9, 2018.
Dividend Note: On December 3, 2018 the company announced the annual dividend rate for the Series E preferred shares would be reset to 5.393%. The annual dividend rate will be fixed at this new rate for the period December 31, 2018 to December 31, 2023. The new dividend rate represents an increase from the share's initial 5.0% annual rate.
- DBRS Rating
- Pfd-3 (low) - Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.34825 per share per year
- Dividend Dates
- The last day of March, June, September and December
- Dividend Details
- The shares pay a fixed dividend rate of 5.393% until December 31, 2023. On December 31, 2023 and upon each subsequent fifth anniversary the dividend will be reset and fixed. The Annual Fixed Dividend Rate for subsequent fixed rate period will be determined and equal to the sum of the 5-year Government of Canada Bond Yield (GCCAN5YR) on the applicable fixed rate calculation date plus 3.17%.
- The Series E Shares shall are not redeemable prior to December 31, 2023. On December 31, 2023, and on December 31 in every fifth year thereafter, AltaGas may, redeem for cash all or any part of the outstanding Series E Shares by the payment of $25.00 per Series E Share plus all accrued and unpaid dividends.
- Holder's of the Series E Rate-Reset preferred shares will have the option on December 31, 2023 and on December 31st in every fifth year thereafter to convert all or a portion of their shares into Series F (Cumulative, Redeemable Quarterly Floating-Rate preferred shares).The Series F Floating-Rate Dividend is calculated and paid quarterly and will equal to the sum of the 90-day Government of Canada treasury bill rate plus 3.17%. Floating-Rate Series F preferred shareholders may at their option exchange their shares for Series E Fixed-Rate shares on December 31, 2028 and on December 31st every five years thereafter.
- Lead Underwriter(s)
- TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc.
- Transfer Agent
- Computershare Investor Services Inc.
- Computershare Investor Services
- Dividend Reinvestment Plan
- Only available to common shareholders. Not available to preferred shareholders.
- Last Updated