AltaGas Income Trust raises $88.5 million through Trust Unit offering
CALGARY--(CCNMatthews - June 10) -
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES./
CALGARY--(CCNMatthews - June 10) - AltaGas Income Trust ("AltaGas") (TSE:ALA.UN) today closed
the previously announced offering of 4,730,000 Trust Units, at a price of $18.70 per Trust Unit for gross
proceeds of $88,451,000. The offering includes the concurrent exercise in whole by the Underwriters of
an over- allotment option granted by AltaGas to purchase an additional 10 percent of the issue or 430,000
Trust Units on the same terms within 30 days following the date of closing. The syndicate of Underwriters
was lead by RBC Capital Markets and Clarus Securities Inc., and included BMO Nesbitt Burns Inc.,
Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., Canaccord Capital
Corporation and Peters & Co. Limited.
The net proceeds attributable to the sale of Trust Units will be used to reduce bank indebtedness, which
may be redrawn and used for general corporate purposes including AltaGas' ongoing capital program, the
funding of the Edmonton Ethane Extraction Plant acquisition announced on March 18, 2004 and future
AltaGas Income Trust will commence monthly distributions on June 15, 2004 to holders of Trust and
Exchangeable Units of record on May 25, 2004. The amount of the distribution on June 15 will be $0.15
per Unit. The purchasers of Trust Units under this offering will be eligible to receive the anticipated July
15, 2004 distribution.
AltaGas moves energy from its source to the end user, adding value through the process. The Trust has
assets totaling almost $950 million and a market capitalization of approximately $1 billion. Its steadily
expanding asset base today includes natural gas gathering and processing facilities, interests in ethane
and natural gas liquids extraction plants, and transmission pipelines. AltaGas distributes natural gas to
Alberta customers through AltaGas Utilities Inc., to customers in the Northwest Territories through the
Ikhil Gas Project and distributes gas in Nova Scotia through its interest in Heritage Gas Limited. The Trust
provides energy services to customers, including marketing of natural gas and natural gas liquids and
sale of power from its power purchase based arrangements.
AltaGas' Trust Units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is
included in the S&P/TSX Capped Income Trust Index and the S&P/TSX Capped Energy Trust Index.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy
securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions
where the offering has been qualified for distribution. The Trust Units offered are not, and will not be,
registered under the securities laws of the United States of America, nor any State thereof and may not
be sold in the United States of America absent registration in the United States or the availability of an
exemption from such registration.
When used in this press release, the words "anticipate", "estimate", and similar expressions are intended
to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and
assumptions that could cause actual results to differ materially from those contemplated in the forward
looking statements. These risks and uncertainties include operating performance, regulatory and
environmental issues, weather and economic conditions, competition and financing availability. For
additional information on these and other factors see the reports filed by AltaGas with Canadian securities
regulators. AltaGas disclaims any intention or obligation to update or revise any forward looking
information whether as a result of new information or future event.