TriSummit Utilities Inc. Closes $200 Million Medium-Term Note Offering

January 11, 2023 8:55 AM EST | Source: TriSummit Utilities Inc.

Calgary, Alberta--(Newsfile Corp. - January 11, 2023) - TriSummit Utilities Inc. ("TSU") announced that it has completed its $200 million issuance of senior unsecured medium-term notes (the "Offering"). The notes carry a coupon rate of 5.02% and mature on January 11, 2030.

The net proceeds resulting from the Offering will be used (i) as to approximately $135 million, to partially finance the acquisition by a subsidiary of TSU of ENSTAR Natural Gas Company, the Alaska Pipeline Company, the Norstar Pipeline Company, Inc. and a 65 percent indirect interest in Cook Inlet Natural Gas Storage Alaska, LLC from SEMCO Energy, Inc., a subsidiary of AltaGas Ltd., which remains subject to certain customary closing conditions; and (ii) as to the remainder, to repay amounts outstanding under TSU's Canadian syndicated revolving credit facility and associated operating credit facility, which amounts were incurred in the normal course of business to fund the working capital requirements of TSU.

The Offering was made through a syndicate of investment dealers co-led by CIBC Capital Markets, RBC Capital Markets and Wells Fargo Securities Canada, Ltd. under TSU's Short Form Base Shelf Prospectus dated January 4, 2023 and Prospectus Supplement dated January 6, 2023.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside Canada. This press release does not constitute or form a part of any offer to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities of TSU have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, these securities may not be offered or sold within the United States or to a U.S. person unless registered under the U.S. Securities Act and applicable state securities laws or except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

About TriSummit Utilities

TSU is a Canadian company with natural gas distribution utilities and renewable power generation assets. TSU serves approximately 133,000 customers across Canada, delivering low carbon energy, safely and reliably.

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This press release contains forward-looking statements. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to TSU or an affiliate of TSU, are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements with respect to, among other things, the use of proceeds from the Offering. 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 TSU'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 TSU's public disclosure documents. Many factors could cause TSU's actual results, performance or achievements to vary from those described in this press 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 press release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this press release, should not be unduly relied upon. Such statements speak only as of the date of this press release. TSU does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

All dollar amounts are in Canadian dollars unless otherwise noted.


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