BUZZ-AltaGas Ltd: Stock offering priced at discount

Wed Aug 20, 2014 10:35am EDT
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** The midstream energy company's shares down 2.61 pct at C$51.52

** To issue 7.85 mln shares at C$51 each

** Offering is about 6.35 pct of outstanding stock and is priced at a 3.6 pct discount to stock's Tuesday close

** To use part of C$400 mln proceeds to fund a gas supply deal with Painted Pony Petroleum Ltd

** AltaGas stock closed up 1.9 pct on Tuesday after the company announced the deal with Painted Pony

** Including Tuesday's gains, the stock has closed up for six straight trading sessions