ALA.PR.U AltaGas Ltd

NOT FOR DISTRIBUTION INTO THE UNITED STATES OR TO UNITED STATES WIRE SERVICES

AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) (TSX:ALA.PR.E)
announced today that it will issue 6,000,000 Cumulative Redeemable Rate Reset
Preferred Shares, Series G (the "Series G Preferred Shares"), at a price of
$25.00 per Series G Preferred Share ("the Offering") for aggregate gross
proceeds of $150 million on a bought deal basis. The Series G Preferred Shares
will be offered to the public through a syndicate of underwriters co-led by RBC
Capital Markets, Scotiabank and TD Securities Inc.


Holders of the Series G Preferred Shares will be entitled to receive a
cumulative quarterly fixed dividend for the initial period ending on but
excluding September 30, 2019 (the "Initial Period") at an annual rate of 4.75%,
payable on the last day of March, June, September and December, as and when
declared by the Board of Directors of AltaGas. The first quarterly dividend
payment is payable on September 30, 2014 and shall be $0.2896 per Series G
Preferred Share. The dividend rate will reset on September 30, 2019 and every
five years thereafter at a rate equal to the sum of the then five-year
Government of Canada bond yield plus 3.06%. The Series G Preferred Shares are
redeemable by AltaGas, at its option, on September 30, 2019 and on September 30
of every fifth year thereafter.


Holders of Series G Preferred Shares will have the right to convert all or any
part of their shares into Cumulative Redeemable Floating Rate Preferred Shares,
Series H (the "Series H Preferred Shares"), subject to certain conditions, on
September 30, 2019 and on September 30 every fifth year thereafter. Holders of
Series H Preferred Shares will be entitled to receive a cumulative quarterly
floating dividend at a rate equal to the sum of the then 90-day Government of
Canada Treasury Bill yield plus 3.06%, as and when declared by the Board of
Directors of AltaGas.


The Offering is expected to close on or about July 3, 2014. Net proceeds will be
used to reduce outstanding indebtedness and for general corporate purposes.
AltaGas has granted to the underwriters an option, exercisable in whole or in
part at any time up to 48 hours prior to closing of the Offering, to purchase up
to an additional 2,000,000 Series G Preferred Shares at a price of $25.00 per
share. 


The Series G Preferred Shares will be issued pursuant to a prospectus supplement
that will be filed with securities regulatory authorities in Canada under
AltaGas' short form base shelf prospectus dated August 23, 2013. The Offering is
only made by way of a prospectus. The prospectus contains important detailed
information about the securities being offered. The Offering is subject to
receipt of all necessary regulatory and stock exchange approvals. 


The Series G Preferred Shares have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer, solicitation or
sale of the securities in any state in which such offer, solicitation or sale
would be unlawful.  


AltaGas is an energy infrastructure business with a focus on natural gas, power
and regulated utilities. AltaGas creates value by acquiring, growing and
optimizing its energy infrastructure, including a focus on clean energy sources.
For more information visit: www.altagas.ca


This news release contains forward-looking statements. When used in this news
release, the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "seek", "propose", "estimate", "expect", and similar
expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended
to identify forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other things, the use
of proceeds from the Offering, the anticipated closing date of the Offering and
the terms of the Series G Preferred Shares and the Series H Preferred Shares.
These statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially from those
anticipated in such forward-looking statements. Such statements reflect AltaGas'
current views with respect to future events based on certain material factors
and assumptions and are subject to certain risks and uncertainties, including
without limitation, changes in market, competition, governmental or regulatory
developments, general economic conditions and other factors set out in AltaGas'
public disclosure documents. Many factors could cause AltaGas' actual results,
performance or achievements to vary from those described in this news release,
including without limitation those listed above. These factors should not be
construed as exhaustive. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying forward-looking statements prove
incorrect, actual results may vary materially from those described in this news
release as intended, planned, anticipated, believed, sought, proposed, estimated
or expected, and such forward-looking statements included in, or incorporated by
reference in this news release, should not be unduly relied upon. Such
statements speak only as of the date of this news release. AltaGas does not
intend, and does not assume any obligation, to update these forward-looking
statements except as required by law. The forward-looking statements contained
in this news release are expressly qualified by this cautionary statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Investment Community
1-877-691-7199
investor.relations@altagas.ca


Media
(403) 691-7197
media.relations@altagas.ca

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