British Columbia Utilities Commission

On November 27, 2017, Pacific Northern Gas Ltd. (PNG) applied for British Columbia Utilities Commission (Commission) approval (Application) under sections 50 and 52 of the Utilities Commission Act (UCA):
i. to issue a $55,000,000 fully drawn, non-amortizing ten year term secured debenture issued under PNG’s Deed of Trust and Mortgage to its parent company AltaGas Ltd. (AltaGas 10-Year Debenture);
ii. to enter into a committed five year term revolving credit facility with the Bank of Montreal (BMO) in the amount of $25,000,000 (BMO 5-Year Facility) secured by a debenture issued under PNG’s Deed of Trust and Mortgage (BMO 5-Year Debenture);
iii. to enter into a committed five year term revolving credit facility with its parent company AltaGas Ltd. in the amount of $30,000,000 (AltaGas 5-Year Facility) secured by a debenture issued under PNG’s Deed of Trust and Mortgage (AltaGas 5-Year Debenture); and
iv. jointly with Pacific Northern Gas (N.E.) Ltd. [PNG(N.E.)] to amend the existing credit agreement between PNG and PNG(N.E.) as borrowers and BMO as lender (Credit Agreement), as approved by Order G-15916, under which BMO has provided an operating line and treasury/commodity hedge line to PNG and PNG(N.E.), to extend the term of the operating line by an additional 18 months and amend the financial terms of the existing credit facilities under the Credit Agreement, as detailed in the Application, and to incur indebtedness under the existing credit facilities under the amended and extended Credit Agreement from time to time, and to restate the guarantee by PNG of the obligations of PNG(N.E.) under the existing credit facilities pursuant to the Credit Agreement;