AltaGas gets $3 billion bridge facility to backstop WGL acquisition

By Sarah Lizee

Olympia, Wash., June 25 – AltaGas Ltd. said it has a $3 billion bridge facility in place to backstop its acquisition of WGL Holdings, Inc., according to a press release.

Beyond the company’s sale of a 35% indirect equity interest in the Northwest British Columbia Hydro Electric Facilities for C$922 million and future planned asset sales, funding for the acquisition will come from offerings of senior debt and hybrid securities, as well as C$2.6 billion in equity proceeds raised through the February 2017 subscription receipt offering and private placement.

The acquisition is also backstopped with the subscription receipt proceeds.

AltaGas is a North American energy infrastructure company based in Calgary, Alta. WGL is an energy infrastructure company and the sole shareholder of Washington Gas Light Co., a natural gas utility based in Washington, D.C.

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