By Sheri Kasprzak
New York, Nov. 7 - Fortis Inc. wrapped a private placement of unsecured subordinated convertible debentures for $40 million.
The 5.5% debentures are due Nov. 7, 2016 and are convertible into common shares at a 30% premium to the then-current market price.
The debentures may be redeemed any time after Nov. 7, 2011.
Fortis, based in St. John's, Newfoundland, is an electric utility holding company.
| Issuer: | Fortis Inc.
|
| Issue: | Unsecured subordinated convertible debentures
|
| Amount: | $40 million
|
| Maturity: | Nov. 7, 2016
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Conversion premium: | 30%
|
| Call: | Redeemable after Nov. 7, 2011
|
| Warrants: | No
|
| Settlement date: | Nov. 7
|
| Stock symbol: | Toronto: FTS
|
| Stock price: | C$25.86 at close Nov. 6
|
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