AltaGas Announces New $250 Million Credit Facility
CALGARY, ALBERTA--(Marketwire - Feb. 25, 2009) - AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) today announced that it has secured commitments for a new $250 million credit facility with a syndicate of banks. The credit facility will be used to retire an existing $250 million credit facility that matures in September 2009. The Trust received strong bank support for the facility with commitments exceeding $250 million. Closing of the new credit facility is expected during the first week of March 2009. The facility has an 18-month term expiring on August 13, 2010. "As AltaGas continues to execute its business and growth strategy, our strong balance sheet and financial flexibility will allow us to capitalize on future growth opportunities and continue delivering strong returns to investors," said David Cornhill, Chairman and Chief Executive Officer of AltaGas. "This debt refinancing, combined with our recent equity issuance, provides AltaGas with a very strong balance sheet." AltaGas Income Trust is one of Canada's largest and fastest growing energy infrastructure organizations. The Trust creates value by acquiring, growing and optimizing gas and power infrastructure, including a focus on renewable energy sources. AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Income Trust Index and the S&P/TSX Capped Energy Trust Index. This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Media: AltaGas Income Trust Adrianne Hartley (403) 691-9873 Email: firstname.lastname@example.org or Investment Community: AltaGas Income Trust Sheena McKellar (403) 691-9855 Email: email@example.com or AltaGas Income Trust Investor Relations 1-877-691-7199 Email: firstname.lastname@example.org Website: www.altagas.ca