CALGARY, ALBERTA (Business Wire – May 16, 2024) – AltaLink, L.P. (AltaLink) is continuing to support its customers through the cost-effective operation of Alberta’s transmission grid, ensuring Albertans have the safe, reliable and affordable energy they need.
AltaLink has agreed to issue $325 million aggregate principal amount of 30-year, 4.742% Series 2024-1 Senior Secured Notes due May 22, 2054, by way of private placement in an agency transaction with a syndicate led by Scotia Capital Inc., RBC Dominion Securities Inc., and BMO Nesbitt Burns Inc. The syndicate also includes National Bank Financial Inc., TD Securities Inc., ATB Capital Markets Inc., and Casgrain & Company Limited. Closing of the Senior Secured Notes is expected to occur on May 22, 2024.
The Senior Secured Notes will be secured by a first floating charge security interest in the present and future property and assets of AltaLink. The Senior Secured Notes will rank pari passu with all senior, secured indebtedness and have priority over all present and future unsecured indebtedness and all subordinated indebtedness. The net proceeds from the issue and sale of the Senior Secured Notes together with commercial paper issuance will be used to fully repay $350 million of 3.399% Series 2014-1 Medium-Term Notes due June 6, 2024.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest electricity transmission provider. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services to customers worldwide.
This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink’s securities in any jurisdiction, including but not limited to, the United States. AltaLink’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “intends”, “projects”, “plans”, “anticipates”, and similar expressions, are forward looking information that represents management of AltaLink’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink’s filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward looking statements.
FOR FURTHER INFORMATION
Investor Relations
Chris Lomore
Vice President, Treasurer
AltaLink Management Ltd.
Phone: 403.828.1521
E-mail: Chris.Lomore@AltaLink.ca
Media Relations
Scott Schreiner
Vice President, External Engagement
AltaLink Management Ltd.
Phone: 403.880.0275
E-mail: Scott.Schreiner@AltaLink.ca