10:54:18 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 215,350,982
Close 2014-09-12 C$ 34.34
Market Cap C$ 7,395,152,722
Recent Sedar Documents

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

2014-09-15 16:49 ET - News Release

Mr. Karl Smith reports

FORTIS INC. COMPLETES PRIVATE PLACEMENT OF US$500 MILLION IN SENIOR UNSECURED NOTES

Fortis Inc. has completed its previously announced $500-million (U.S.) private placement of senior unsecured notes to institutional investors based in the United States under a note purchase agreement dated May 8, 2014. A total of $287-million (U.S.) of notes were issued today, and $213-million (U.S.) of notes were issued on June 30, 2014, resulting in aggregate gross proceeds of $500-million (U.S.) from the offering. The notes issued in the offering have 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 of the notes is approximately 11 years, and the weighted-average coupon rate is 3.85 per cent.

Net proceeds from the initial issuance of notes in June were used to refinance existing indebtedness, including repayment of U.S.-dollar drawings on the corporation's committed credit facility, and for general corporate purposes. The net proceeds from the issuance of notes today 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 the $125-million (Canadian) 5.56-per-cent unsecured debentures of a subsidiary maturing today, with the balance being used to repay other outstanding indebtedness of the corporation.

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

© 2024 Canjex Publishing Ltd. All rights reserved.