Fortis Completes Private Placement

On October 28, 2004, Fortis Inc., a diversified, international electric utility holding company, completed a private placement of US$150 million aggregate principal amount of 5.74 per cent senior notes due October 30, 2014. The net proceeds from the sale of the senior notes will be used to refinance a portion of short-term indebtedness incurred to purchase, on May 31, Aquila, Inc.’s utilities in Western Canada, now known as FortisAlberta Inc. and FortisBC Inc.
Fortis Inc. was represented in-house by Ronald McCabe, general counsel and corporate secretary, and by Davies Ward Phillips & Vineberg LLP, who served as counsel in Canada and the US with a team comprised of Carol Pennycook, Arthur Shiff, Donna Aronson, John Zinn and Colin Campbell in Toronto, and Gerald Shepherd and Jennifer Toone in New York. Aubrey Bonnell, Q.C., and Regan O’Dea of Curtis, Dawe acted as Newfoundland and Labrador counsel to Fortis Inc.
The initial purchasers of senior notes were represented by Chapman and Cutler LLP with a team comprised of Neil Mann and Charles Kolin.