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AltaLink, L.P. Announces $500 Million Senior Secured Notes Offering

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AltaLink, L.P. to Issue $500 Million in Senior Secured Notes

AltaLink, L.P. has announced its plan to issue $500 million worth of 32-year, 5.463% Series 2023-1 Senior Secured Notes. The private placement will be conducted through an agency transaction with a syndicate led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. Other members of the syndicate include National Bank Financial Inc., ATB Capital Markets Inc., TD Securities Inc., and Casgrain & Company Limited. The closing of the Senior Secured Notes is expected to take place on October 11, 2023.

Use of Proceeds and Security

The net proceeds from the issuance and sale of the Senior Secured Notes will be utilized to repay $500 million of 3.668% Series 2013-4 Medium-Term Notes due November 6, 2023. The Senior Secured Notes will be secured by a first floating charge security interest in the present and future property and assets of AltaLink. They will rank pari passu with all senior, secured indebtedness and have priority over all present and future unsecured and subordinated indebtedness.

About AltaLink, L.P.

Headquartered in Calgary, AltaLink, L.P. is the largest electricity transmission provider in Alberta. With offices in Edmonton, Red Deer, and Lethbridge, the company is committed to supporting its customers by ensuring the cost-effective operation of Alberta's transmission grid. As a subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services worldwide. In conclusion, AltaLink's issuance of $500 million in Senior Secured Notes demonstrates its commitment to supporting its customers and ensuring the reliable and affordable supply of energy in Alberta. The company's partnership with leading financial institutions will enable it to strengthen its financial position and continue its operations effectively.

Hot Take: AltaLink's $500 Million Senior Secured Notes Issuance and its Impact on New Businesses

AltaLink, L.P.'s announcement to issue $500 million in Senior Secured Notes is a significant move that could impact new businesses in various ways. First, it highlights the importance of strategic financial planning. AltaLink's decision to issue these notes to repay its existing debt is a clear demonstration of effective financial management. This move could inspire new businesses to explore similar strategies for managing their own financial obligations.

Securing Investments

The fact that AltaLink's notes will be secured by a first floating charge security interest in its present and future property and assets underscores the importance of securing investments. This could serve as a lesson for new businesses to ensure their investments are adequately secured.

Partnerships with Financial Institutions

AltaLink's partnership with top financial institutions for this private placement is a testament to the power of strategic partnerships. New businesses could learn from this and seek to forge strong relationships with financial institutions to facilitate their growth and expansion. In conclusion, AltaLink's move to issue $500 million in Senior Secured Notes offers valuable insights for new businesses. It underscores the importance of strategic financial planning, securing investments, and forging strong partnerships with financial institutions. These are crucial considerations for new businesses seeking to establish themselves and thrive in today's competitive business landscape.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/altalink-l-p-to-issue-500-million-in-senior-secured-notes
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