16:15:03 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 213,200,752
Close 2014-03-27 C$ 31.42
Market Cap C$ 6,698,767,628
Recent Sedar Documents

Fortis prices $500-million (U.S.) note offering

2014-03-28 14:36 ET - News Release

Mr. Barry Perry reports

FORTIS INC. ANNOUNCES PRICING OF US$500 MILLION OF SENIOR UNSECURED NOTES

Fortis Inc. has priced a private placement to U.S.-based institutional investors of $500-million (U.S.) in senior unsecured notes. The notes will be issued in multiple tranches with terms to maturity ranging from five years to 30 years and coupon rates ranging from 2.92 per cent to 5.03 per cent. The weighted average term to maturity is approximately 11 years and the weighted average coupon rate is 3.85 per cent. Subject to the satisfaction of customary closing conditions, $213-million (U.S.) of notes will be issued on June 30, 2014, and $287-million (U.S.) of notes will be issued on Sept. 15, 2014.

Net proceeds from the sale of the notes will be used to refinance existing indebtedness, including the $150-million (U.S.) 5.74-per-cent senior unsecured notes of Fortis maturing on Oct. 30, 2014, and $125-million 5.56-per-cent unsecured debentures of a subsidiary maturing on Sept. 15, 2014, and for general corporate purposes, including repayment of U.S.-dollar drawings on the corporation's committed credit facility.

Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are joint placement agents for the sale of the notes.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.