On September 23, 2024, AltaGas Ltd. completed its offering of US$900 million in 7.20 percent Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. Through a cross-currency swap, the proceeds and interest obligations were converted into Canadian dollars, resulting in an effective annual interest rate of 6.90 percent for the initial ten-year period. The notes are callable on October 15, 2034. AltaGas plans to utilize the net proceeds to reduce its outstanding senior notes and bank debt. The offering is expected to enhance the company's credit metrics due to the 50 percent equity treatment of hybrid debt by rating agencies.