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Washington Gas signs distribution deal to sell up to $725M of notes

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Washington Gas signs distribution deal to sell up to $725M of notes

Washington Gas Light Co. struck a distribution agreement with a bank to issue and sell up to $725 million of medium-term notes from time to time.

The public utility intends to use proceeds from the issuance to finance its business, according to a Jan. 14 SEC filing.

Washington Gas entered into the agreement with BB&T Capital Markets, a division of BB&T Securities LLC, as agent. The Bank of New York Mellon is the trustee for the notes and serves as the paying agent for the transaction.

Washington Gas, a subsidiary of WGL Holdings Inc., provides energy services to over 1.1 million customers in Washington, D.C., Maryland and Virginia. WGL Holdings is a subsidiary of the Canadian energy infrastructure company AltaGas Ltd.