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AltaGas (T.ALA) hits 52-week high on closing 30-year $300 million note offering

Stockhouse Editorial
0 Comments| August 15, 2014

AltaGas (TSX: ALA, Stock Forum) was riding high in the markets today when the company announced that it had completed its $300.0 million issue of senior unsecured medium-term notes.


According to the news release, the notes bear a coupon rate of 4.5% and are slated to mature on August 15, 2044.


The offering was carried out through a syndicate of investment dealers co-led by National Bank Financial and CIBC World Markets under the company's short form base shelf prospectus dated August 23, 2013 and its supplemental dated January 7, 2014.


Net proceeds from the transactions will be directed toward the reduction of debt and general corporate purposes.


AltaGas was in the news when the Calgary Alberta-based company posted Q2 2014 financial results at the end of July.


Shares edged up 0.81% to hit a 52-week high of $50.97 per share.


Currently there are 123.6m outstanding shares with a market cap of $6.3 billion.

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