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AltaGas opts not to redeem series G preferred shares

AltaGas Ltd. on Aug. 29 said it does not plan to redeem any of its currently outstanding cumulative five-year, rate-rest preferred shares, series G, on Sept. 30.

Holders of the shares may convert all or any of their shares on a 1-for-1 basis into cumulative floating-rate first preferred series H shares on Sept. 30. Series G holders who are willing to convert their shares can do so from Aug. 31 until 5 p.m. Toronto time on Sept. 13.

The conversion right is subject to conditions, including that if AltaGas determines there would be less than 1 million series G shares outstanding after Sept. 30, the remaining series G shares will automatically be converted into series H shares on a 1-for-1 basis. Alternatively, if there would be less than 1 million series H shares outstanding after Sept. 30, then no series G shares will be converted into series H shares.

There are currently 8 million series G shares outstanding.

Subject to automatic conversion, shareholders will continue to hold their series G shares if they choose not to exercise their right to convert them into series H shares.