September 8, 2020
AltaLink, L.P. to Issue $225 Million in Senior Secured Notes
CALGARY, ALBERTA (Globe NewsWire, September 8, 2020) – AltaLink, L.P. (AltaLink) is continuing to support its customers through the cost-effective operation of Alberta’s transmission grid, ensuring Albertans have the reliable and affordable energy they need.
AltaLink has agreed to issue $225 million principal amount of 10-year, 1.509% Series 2020-1 Senior Secured Notes due September 11, 2030, 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. Distribution of the Senior Secured Notes is expected to occur on September 11, 2020.
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 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 will be used to repay $125.0 million of 3.621% Series 2013-2 Medium-Term Notes due September 17, 2020, repay AltaLink’s short-term indebtedness, including indebtedness outstanding under its Commercial Paper Program, and for general corporate purposes.
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 information 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 any forward looking information.
FOR FURTHER INFORMATION
Vice President, Treasurer
AltaLink Management Ltd.
Vice President, Communications
AltaLink Management Ltd.