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CALGARY, Alberta — AltaLink, L.P. (“ALP”) announces that it expects to undertake an internal reorganization (the “Internal Reorganization”) which will result in, among other things, BHE AltaLink Ltd. (“BHEAL”) becoming the regulated transmission utility and holding, directly or indirectly, all of the assets (including the associated KainaiLink, L.P. and PiikaniLink, L.P. partnership interests) and liabilities presently held by ALP. In connection with the Internal Reorganization BHEAL will also change its name to AltaLink Ltd.
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The Internal Reorganization is being structured as a plan of arrangement under section 193 of the Business Corporations Act (Alberta) and, in connection therewith, a notice of originating application (the “Notice”) will be filed with the Court of King’s Bench of Alberta, a copy of which will be provided to relevant third parties in connection with the Internal Reorganization in due course. A copy of the Notice will also be made available under ALP’s profile on SEDAR+ and ALP’s website. Each of the entities involved in the Internal Reorganization are direct or indirect wholly owned subsidiaries of BHEAL.
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The Internal Reorganization is subject to approval by the Alberta Utilities Commission (the “AUC”). ALP filed the required application with the AUC on June 18, 2026, and has requested approval by September 2026.
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The Internal Reorganization is being conducted in compliance with the terms of the amended and restated master trust indenture dated as of April 28, 2003, between ALP, AltaLink Management Ltd. (as general partner of ALP) and Computershare Advantage Trust of Canada (formerly, BNY Trust Company of Canada) (as trustee), as amended and supplemented (the “Indenture”), which governs the terms of each outstanding series of ALP’s senior and subordinated debt (whether direct indebtedness of ALP or subject to a pledge by ALP in support of the indebtedness) (collectively, the “Bonds”).
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The Internal Reorganization will result in AltaLink Ltd. being the successor in interest to ALP under the Bonds. AltaLink Management Ltd. (an indirect wholly owned subsidiary of BHEAL) (“AML”), in its capacity as general partner of ALP, currently holds legal title to certain ALP assets. Following the Internal Reorganization, AML (a wholly owned subsidiary of AltaLink Ltd.) will continue to hold such assets as bare trustee for the benefit of AltaLink Ltd., as successor to ALP. Ordinary course supplemental indenture(s) to the Indenture will be entered into in connection with the Internal Reorganization to reflect AltaLink Ltd. as the successor in interest to ALP and the bare trust relationship between AML and AltaLink Ltd. The terms of the Bonds will be otherwise unchanged and ALP does not expect any changes to its credit ratings as a consequence of the Internal Reorganization.
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It is expected that, upon completion of the Internal Reorganization, ALP will cease to be a reporting issuer under applicable Canadian securities laws and BHEAL, as successor to ALP, will become a reporting issuer under applicable Canadian securities laws in each of the provinces of Canada.
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Subject to receipt of required regulatory, court and other approvals, the Internal Reorganization is expected to be completed in Q4 2026.
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Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink, L.P. is Alberta’s largest electricity transmission provider, with approximately 13,400 kilometres of transmission lines and more than 310 substations. AltaLink, L.P. is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy.
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This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink, L.P.’s securities in any jurisdiction, including but not limited to, the United States. AltaLink’s securities 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 and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “intends”, “projects”, “plans”, “anticipates”, and similar expressions, are forward looking information that represents management of AltaLink, L.P.’s internal projections, expectations or beliefs concerning, among other things, the Internal Reorganization and the timing and impacts thereof, future operating results and various components thereof or the economic performance of AltaLink, L.P. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink, L.P.’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink, L.P.’s filings with the Canadian securities authorities. Accordingly, holders of AltaLink, L.P. securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink, L.P. disclaims any responsibility to update these forward-looking statements.
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