Business
Fortis Inc. Announces Pricing 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 25 /CNW/ - Fortis Inc. ("Fortis" or the "Corporation")\n(TSX:FTS) announced today that it has priced its previously announced offering\n(the "Offering") of senior unsecured debentures of the Corporation (the\n"Debentures"). The Corporation filed a preliminary short form prospectus with\nsecurities regulatory authorities in each of the provinces of Canada on June\n23, 2009. The Offering is being made to the public through a syndicate of\nagents co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and\nincluding RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities\nInc., HSBC Securities (Canada) Inc. and National Bank Financial Inc.\n(collectively, the "Agents").\n\n\nThe Corporation has today entered into an agency agreement relating to\nthe sale of the Debentures by the syndicate of Agents establishing the terms\nof the Offering. The Corporation will issue up to the principal amount of\n$200,000,000 Debentures resulting in gross proceeds to the Corporation of\n$199,868,000, assuming that all Debentures issuable pursuant to the Offering\nare purchased by investors. Interest on the Debentures will be payable at the\nfixed rate of 6.51% payable in equal instalments semi-annually in arrears on\nJanuary 4 and July 4 of each year, commencing January 4, 2010. The Debentures\nwill mature on July 4, 2039.\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 have not been 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 Can...