On September 3, 2025, AltaGas Ltd., a leading North American energy infrastructure company, has announced a public offering of $200 million in 5.375% Fixed-to-Fixed Rate Subordinated Notes, Series 4, due December 5, 2055. The notes, priced at $1,000 per $1,000 principal amount, are being offered through a syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc., with legal counsel provided by Torys LLP for AltaGas and Blake, Cassels & Graydon LLP for the underwriters. The net proceeds, estimated at $197.5 million after deducting a $1.5 million underwriting fee and $1 million in expenses, are intended to fund the redemption of all outstanding Series A and Series B Preferred Shares, totaling $200 million. The notes will bear a fixed interest rate of 5.375% per annum until December 2030, after which the rate will reset every five years to the Five Year Government of Canada Yield plus 2.423%, with a minimum rate of 5.375%. AltaGas retains the right to defer interest payments for up to five years and to redeem the notes under certain conditions. The offering is denominated in Canadian dollars, and the notes will not be listed on any securities exchange, which may affect liquidity. The transaction is expected to strengthen AltaGas’ capital structure and provide investors with a long-term fixed income security, subject to successful completion of the offering.

The offering closed on September 5, 2025.