CALGARY, ALBERTA--(Marketwire - May 29, 2008) - AltaGas Income Trust (AltaGas or the Trust) (TSX: ALA-UN.TO) today announced that it has entered into an agreement with a syndicate of underwriters, co-led by Clarus Securities Inc. and Scotia Capital Inc. under which the underwriters have agreed to purchase from AltaGas and sell to the public 3,825,000 trust units ("Trust Units") at a purchase price of $26.20 per Trust Unit, for gross proceeds of approximately $100 million. The net proceeds of the offering will be used to repay indebtedness, fund ongoing capital programs and for general Trust purposes. Closing is anticipated to occur on or before June 10, 2008.
AltaGas has also granted an option to the underwriters to purchase up to an additional 573,750 Trust Units at a price of $26.20 per Trust Unit for a period of 30 days from the closing of the offering. The Trust Units will be issued pursuant to a prospectus supplement that will be filed with securities regulatory authorities in Canada under AltaGas' short form base shelf prospectus dated August 8, 2007. Purchasers under this offering will be entitled to participate in cash distributions in July, 2008, expected to have a record date of June 25, 2008 and a payment date of July 15, 2008. 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. 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. ContactsAltaGas Income TrustMedia:
Todd Hurman
(403) 691-7139
Email: todd.hurman@altagas.ca
AltaGas Income Trust
Investment Community:
Sheena McKellar
(403) 691-9855
Email: sheena.mckellar@altagas.ca
AltaGas Income Trust
Investor Relations:
1-877-691-7199
Email: investor.relations@altagas.ca
Website: www.altagas.ca
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