October 4, 2023
AltaLink, L.P. to issue $500 Million in Senior Secured Notes
CALGARY, ALBERTA (Globe Newswire – October 4, 2023) – 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 $500 million aggregate principal amount of 32-year, 5.463% Series 2023-1 Senior Secured Notes due October 11, 2055, by way of private placement in an agency transaction with a syndicate led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Scotia Capital Inc. The syndicate also includes National Bank Financial Inc., ATB Capital Markets Inc., TD Securities Inc. and Casgrain & Company Limited. Closing of the Senior Secured Notes is expected to occur on October 11, 2023.
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 will be used to repay $500 million of 3.668% Series 2013-4 Medium-Term Notes due November 6, 2023.
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; the terms, the intended closing date of the offering and the amount of the proposed debt financing; 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 various assumptions, known and unknown risks and uncertainties, which may cause forward looking information and 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, including its most recently filed Annual Information Form and annual and interim Management’s Discussion and Analysis. 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, except as required by law.
FOR FURTHER INFORMATION
Vice President, Treasurer
AltaLink Management Ltd.