CALGARY, AB, Sept. 30, 2024 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) announces that 1,114,177 Cumulative Redeemable Floating Rate Preferred Shares, Series H (the "Series H Shares") (TSX: ALA.PR.H) were converted into Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series G (the "Series G Shares") (TSX: ALA.PR.G) on a one-for-one basis today (the "Conversion Date"). This included 883,163 Series H Shares tendered for conversion to Series G Shares prior to the conversion period deadline of 5:00 pm Eastern Time on September 13, 2024, and the remaining 231,014 Series H Shares converted automatically into Series G Shares in accordance with the terms of the Series H Shares. In addition, any of the Series G Shares that were tendered for conversion into Series H Shares were not converted and remain Series G Shares.

Following the conversion of Series H Shares, 8,000,000 Series G Shares are now outstanding while no Series H Shares remain outstanding. AltaGas made an application to the Toronto Stock Exchange ("TSX") to have the Series H Shares voluntarily de-listed following the Conversion Date. AltaGas expects the TSX to de-list the Series H Shares as of close of markets on September 30, 2024.

As a reminder, holders of Series G Shares shall be entitled to receive, as and when declared by the Board of Directors of AltaGas, fixed cumulative preferential cash dividends, payable quarterly. The annual dividend rate applicable to the Series G Shares for the five-year period commencing on and including September 30, 2024 to, but excluding, September 30, 2029, is 6.017 percent. The Series G Shares will continue to be listed on the TSX under the symbol ALA.PR.G. Quarterly dividend payments for the prior period were paid on September 27, 2024.

Holders of Series G Shares will have the right to convert all or any of their shares into Series H Shares again in September 2029 (every fifth year) in accordance with the terms of the shares, subject to AltaGas' option to redeem such shares for cash at that time.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth energy infrastructure business that is focused on delivering stable and growing value for its stakeholders.

For more information visit www.altagas.ca or reach out to one of the following:

Jon Morrison
Senior Vice President, Corporate Development and Investor Relations
[email protected]