Business
Fortis Inc. announces offering of senior unsecured debentures
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ ST. JOHN'...
About this update from Fortis Inc.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\nUNITED STATES/\n\n\nST. JOHN'S, June 23 /CNW/ - Fortis Inc. ("Fortis" or the "Corporation")\n(TSX:FTS) announced today that it is filing a preliminary prospectus with\nsecurities regulatory authorities in each of the provinces of Canada in\nconnection with the offering and sale to the public (the "Offering") of senior\nunsecured debentures of the Corporation (the "Debentures"). The Offering will\nbe made through a syndicate of agents co-led by BMO Nesbitt Burns Inc. and\nCIBC World Markets Inc. (collectively, the "Agents").\n\n\nThe Corporation expects to enter into an agency agreement with the Agents\nprior to filing its final prospectus in respect of the Offering, which\nagreement will set forth the terms of the Offering, including the size of the\nOffering, the annual interest rate payable in respect of the Debentures and\nthe maturity date of the Debentures.\n\n\nThe net proceeds of the Offering will be used to repay in full the\nindebtedness outstanding under the Corporation's credit facility and for\ngeneral corporate purposes.\n\n\nThe Offering is subject to the receipt of all necessary regulatory\napprovals. The Debentures will not be listed on any stock exchange.\n\n\nThe Debentures will not be registered under the U.S. Securities Act of\n1933, as amended, and may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration requirements.\nThis media release shall not constitute an offer to sell or the solicitation\nof an offer to buy, nor shall there be any offer, solicitation or sale of the\nsecurities in any state in which such offer, solicitation or sale would be\nunlawful.\n\n\nFortis is the largest investor-owned distribution utility in Canada. With\ntotal assets approaching $12 billion and annual revenues totalling $3.9\nbillion, the Corporation serves more than 2,000,000 gas and electricity\ncustomers. Its regulated holdings include electric distribution utilities in\nfive Canadian provinces and three Caribbean countries and a natural gas\nutility in British Columbia. Fortis owns non-regulated generation assets\nacross Canada and in Belize and Upper New York State. It also owns hotels and\ncommercial real estate in Canada. The Corp...