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AltaGas Ltd | Cumulative Redeemable 5-Year Rate Reset Preferred Shares, Series A (ALA.PRA.CA)
Prospectus excerpt: AltaGas Ltd. (“AltaGas”) is hereby qualifying the distribution (the “Offering”) of 8,000,000 cumulative redeemable 5-year rate reset preferred shares, series A (the “Series A Shares”) of AltaGas at a price of $25.00 per Series A Share (the “Offering Price”). See “Details of the Offering” and “Plan of distribution”. The holders of Series A Shares will be entitled to receive, as and when declared by the board of directors of AltaGas (the “Board of Directors”) out of moneys of AltaGas properly applicable to the payment of dividends, fixed cumulative preferential cash dividends for the initial period from and including the date of issue of the Series A Shares to, but excluding, September 30, 2015 (the “Initial Fixed Rate Period”), at an annual rate of $1.25 per share, payable quarterly on the last day of March, June, September and December in each year. Assuming an issue date of August 19, 2010, the first dividend, if declared, will be payable December 31, 2010, in the amount of $0.4589 per share. See “Details of the Offering”. Full Prospectus PDF », ALA.CA Page »
| Series: | A | | Alternate symbology: | ALA-A.CA, ALA-PA.CA, ALAprA.CA | | Redeemable?: | Yes | | Call Date: | 9/30/2015 (Now Trading Post Call Date) | | Perpetual?: | Yes | | Cumulative?: | Yes | | Conversion Ratio: | The holders of the Series A Shares will have the right to convert all or any of their shares into cumulative redeemable floating rate preferred shares, series B of AltaGas (the “Series B Shares”), subject to certain conditions, on September 30, 2015 and on September 30 in every fifth year thereafter. The holders of the Series B Shares will be entitled to receive, as and when declared by the Board of Directors, quarterly floating rate cumulative preferential cash dividends payable on the last day of March, June, September and December in each year in the amount per share determined by multiplying the Floating Quarterly Dividend Rate (as defined herein) for such Quarterly Floating Rate Period (as defined herein) by $25.00 and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Floating Rate Period and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year. The Floating Quarterly Dividend Rate will be the annual rate of interest equal to the sum of the T-Bill Rate (as defined herein) on the applicable Floating Rate Calculation Date (as defined herein) plus 2.66%. | | Shares Offered: | 8000000 | | Liquidation Preference: | $25 | | Recent Market Price: | $18.35 | Discount to Liquidation Preference:
(More Preferreds Trading at a Discount ») | $-6.65 (-26.60%) | | Annualized Dividend: | 0.765 | | Recent Ex-Date: | 3/14/2024 | | Current Yield: | 4.17% | | Original Coupon: | Annual rate of .25 per share, then for each five-year period after the Initial Fixed Rate Period, the holders of Series A Shares shall be entitled to receive, as and when declared by the Board of Directors, fixed cumulative preferential cash dividends, payable quarterly on the last day of March, June, September and December in each year, in the amount per share determined by multiplying one-quarter of the Annual Fixed Dividend Rate for such Subsequent Fixed Rate Period by 5.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by AltaGas on the applicable Fixed Rate Calculation Date and will be equal to the sum of the Government of Canada Yield on the applicable Fixed Rate Calculation Date plus 2.66%. | | Pay Period: | Quarterly | | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | | CDx3 Compliance Rating: |
Learn ALA.PRA.CA's Rating
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AltaGas is an energy infrastructure company that connects natural gas liquids and natural gas to domestic and global markets. Co.'s business segments are: Utilities, which owns utility assets that deliver natural gas to end-users in the United States; Midstream, which consist of global export assets and processing, fractionation, and liquids handling infrastructure that connect Western Canadian producers from wellhead to the coast and to global export markets, primarily focusing on liquefied petroleum gas; and Power, which is engaged in the generation and sale of capacity, electricity, ancillary services, and related products in Alberta, California, and Colorado. Preferreds: ALA.PRA.CA, ALA.PRU.CA
Open the ALA.CA Information Page »
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| Name: |
AltaGas Ltd |
| Website: |
www.altagas.ca |
| Sector: |
Gas Utilities |
| Number of ETFs Holding ALA.CA: |
1 (see which ones) |
| Total Market Value Held by ETFs: |
$132,209 |
| Total Market Capitalization: |
$2,713,000,000 |
| % of Market Cap. Held by ETFs: |
0.00% |
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