WASHINGTON--(BUSINESS WIRE)--WGL Holdings, Inc. (NYSE: WGL) declared a regular quarterly dividend of $0.515 per share of common stock, subject to proration as described below.
The dividend is payable to holders of record at the earlier of the close of business on the day upon which the merger of WGL Holdings, Inc. (WGL Holdings) and AltaGas Ltd. becomes effective (Effective Time) and July 10, 2018. If the Effective Time occurs prior to July 10, 2018, the dividend will be paid no later than five business days following the Effective Time. Otherwise, the dividend will be payable on August 1, 2018 in accordance with WGL Holdings’ usual dividend schedule.
In the event that the Effective Time occurs before July 10, 2018, the amount per common share of this dividend will be prorated to reflect the actual number of days from the record date for payment of the last quarterly dividend paid by WGL Holdings prior to the Effective Time multiplied by $0.00566 (calculated by dividing $0.515 by 91). The prorated dividend is intended to cover the period between April 11, 2018 and completion of the merger.
Washington Gas Light Company, a utility subsidiary of WGL Holdings (Washington Gas), also declared regular dividends on all classes of its preferred stock as follows:
Class of Serial
Dividend Per Share
|$ 4.25 Series||$1.0625|
|$ 4.80 Series||$1.20|
|$ 5.00 Series||$1.25|
Dividends on the utility's preferred stock are payable August 1, 2018, to shareholders of record as of July 10, 2018. It is currently expected that the preferred stock of Washington Gas will remain outstanding following the merger and, thus, dividends to preferred stockholders will be unaffected by the merger.
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com.
This news release and other statements by WGL Holdings include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues, dividends and other future financial business performance, strategies, financing plans, WGL Holdings’ proposed merger with AltaGas Ltd., Washington Gas preferred stock and other expectations. Forward-looking statements are typically identified by words such as, but are not limited to, "estimates," "expects," "anticipates," "intends," "believes," "plans," and similar expressions, or future or conditional verbs such as "will," "should," "would," and "could." Although WGL Holdings believes such forward-looking statements are based on reasonable assumptions, it cannot give assurance that every objective will be achieved. Forward-looking statements speak only as of the date of this release, and WGL Holdings assumes no duty to update them. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, general economic conditions, the possibility that the closing of the proposed merger with AltaGas Ltd. may not occur or may be delayed; litigation related to the proposed AltaGas Ltd. transaction or limitations or restrictions imposed by regulatory authorities that may delay or negatively impact the proposed transaction; the potential loss of customers, employees or business partners as a result of the transaction and the factors discussed under the "Risk Factors" heading in WGL Holdings’ most recent annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that WGL Holdings has filed with, or furnished to, the U.S. Securities and Exchange Commission.