By Lisa Kerner
Charlotte, N.C., Dec. 22 - Fortis Inc. completed the private placement of $200 million of senior notes to U.S.-based institutional investors, it was announced on Wednesday.
The notes were issued in two tranches:
• $125 million of 3.53% notes maturing Dec. 21, 2020; and
• $75 million of 5.26% notes maturing Dec. 21, 2040.
Proceeds will be used to refinance debt under Fortis' credit facility that was used to repay its $100 million 7.4% senior debentures due October 2010 and for general corporate purposes.
The notes will not be registered under the Securities Act of 1933 as amended, nor will they be registered under any state securities laws.
Fortis, based in St. John's, Newfoundland and Labrador, is an investor-owned distribution utility.
| Issuer: | Fortis, Inc.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Distribution: | Private placement
|
|
|
| Tranche 1
|
| Amount: | $125 million
|
| Coupon: | 3.53%
|
| Maturity: | Dec. 21, 2020
|
|
|
| Tranche 2
|
| Amount: | $75 million
|
| Coupon: | 5.26%
|
| Maturity: | Dec. 21, 2040
|
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