AltaGas Ltd. completed its issuance of C$500 million of 2.609% senior unsecured medium-term notes due Dec. 16, 2022.

The company plans to use the proceeds to pay down debt under its credit facility and for general corporate purposes.

AltaGas expects the offering to be leverage neutral. The company expects cost savings of about C$5 million annually from the debt repayment because the notes' coupon rate is less than the existing debt's borrowing rate.

The offering was made through a group of investment dealers co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc.