Fortis Inc. (“Fortis” or the “Corporation”) completed a public offering of 10,000,000 Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series K (“Series K First Preference Shares”) at a price of $25 per share for gross proceeds of $250 million. The net proceeds from the offering were used towards repaying borrowings under the Corporation's $1-billion committed corporate credit facility, including amounts borrowed in connection with the redemption of the Corporation's First Preference Shares, Series C, the construction of the Waneta Expansion, equity injections into certain of the Corporation's subsidiaries and for other general corporate purposes.
The offering was completed on a bought deal basis through a syndicate of underwriters led by TD Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc. The Series K First Preference Shares began trading on the Toronto Stock Exchange on July 18, 2013, under the symbol “FTS.PR.K.”
Fortis is the largest investor-owned gas and electric distribution utility in Canada. Its regulated utilities account for 90 per cent of total assets and serve more than 2.4 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investments consist of hotels and commercial real estate in Canada and petroleum supply operations in the Mid-Atlantic Region of the United States. The Corporation's common shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.
Fortis was represented in-house by Ron McCabe, vice president, general counsel and corporate secretary. Davies Ward Phillips & Vineberg LLP acted as counsel for Fortis with a team that included Jim Reid, Robin Upshall and Carla Nawrocki (corporate and securities); Siobhan Monaghan and Raj Juneja (tax) in Toronto; and Scott Tayne (corporate and securities) and Scott Semer (tax) in New York. John Green of McInnes Cooper acted as Newfoundland and Labrador counsel to Fortis.
Stikeman Elliott LLP acted as counsel to the underwriters with a team that included Joel Binder, Paul Rakowski and Cara Cornacchia (corporate and securities) and John Lorito and Katy Pitch (tax).
The offering was completed on a bought deal basis through a syndicate of underwriters led by TD Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc. The Series K First Preference Shares began trading on the Toronto Stock Exchange on July 18, 2013, under the symbol “FTS.PR.K.”
Fortis is the largest investor-owned gas and electric distribution utility in Canada. Its regulated utilities account for 90 per cent of total assets and serve more than 2.4 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investments consist of hotels and commercial real estate in Canada and petroleum supply operations in the Mid-Atlantic Region of the United States. The Corporation's common shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.
Fortis was represented in-house by Ron McCabe, vice president, general counsel and corporate secretary. Davies Ward Phillips & Vineberg LLP acted as counsel for Fortis with a team that included Jim Reid, Robin Upshall and Carla Nawrocki (corporate and securities); Siobhan Monaghan and Raj Juneja (tax) in Toronto; and Scott Tayne (corporate and securities) and Scott Semer (tax) in New York. John Green of McInnes Cooper acted as Newfoundland and Labrador counsel to Fortis.
Stikeman Elliott LLP acted as counsel to the underwriters with a team that included Joel Binder, Paul Rakowski and Cara Cornacchia (corporate and securities) and John Lorito and Katy Pitch (tax).
Lawyer(s)
Robin Upshall
Katy Pitch
Raj Juneja
James R. Reid
John G. Lorito
Joel E. Binder
Scott Tayne
Paul Rakowski
Scott Semer
Ronald W. McCabe
John M. Green
K. A. Siobhan Monaghan