06:18 AM EDT, 09/24/2024 (MT Newswires) -- AltaGas ( ATGFF ) overnight Monday said it has closed its US$900 million offering of 7.2% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 The Notes are callable at the first reset date of October 15, 2034.

Proceeds will be used to reduce AltaGas' ( ATGFF ) outstanding senior notes and bank debt. The company expects improved credit metrics from its credit rating agencies as a result of the 50% equity treatment provided on hybrid debt.