Fortis Inc. Announces Pricing of Senior Unsecured Notes
May 16 2022 - 2:42PM
Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced
today that it has priced a public offering (the "Offering") of
$500,000,000 4.431% senior unsecured notes due May 31, 2029 (the
"Notes"). The Corporation expects to file a prospectus
supplement (the "Prospectus Supplement") to its Canadian short form
base shelf prospectus dated December 4, 2020, with securities
regulatory authorities in each of the provinces of Canada later
today. The Offering is being made on a best efforts basis through a
syndicate of agents co-led by BMO Nesbitt Burns Inc., CIBC World
Markets Inc. and Scotia Capital Inc., and including TD Securities
Inc., RBC Dominion Securities Inc., Desjardins Securities Inc.,
National Bank Financial Inc., Merrill Lynch Canada, Inc., Morgan
Stanley Canada Limited, MUFG Securities (Canada), Ltd. and Wells
Fargo Securities Canada, Ltd. (collectively, the "Agents"),
pursuant to an agency agreement entered into earlier today by the
Corporation and the Agents.
Interest on the Notes will be payable in equal
instalments semi-annually in arrears on May 31 and November 30
of each year, commencing on November 30, 2022. The net proceeds of
the Offering will be used to fund the redemption of the
Corporation's $500,000,000 aggregate principal amount of 2.85%
senior unsecured notes due December 2023 and for general corporate
purposes.
The Notes being offered have not been and will
not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements. This media release shall not constitute an offer to
sell or an invitation to purchase or subscribe for any securities
in the United States or in any other jurisdiction where such offer
is unlawful.
About FortisFortis is a
well-diversified leader in the North American regulated electric
and gas utility industry, with 2021 revenue of $9.4 billion and
total assets of $58 billion as at March 31, 2022. The Corporation's
9,100 employees serve utility customers in five Canadian
provinces, nine U.S. states and three Caribbean countries.
Fortis' shares are listed on the Toronto Stock
Exchange and trade under the symbol FTS. Additional information can
be accessed at www.fortisinc.com, www.sedar.com or www.sec.gov.
Not for distribution to United States
news wire services or dissemination in the United
States.
Forward-Looking
InformationFortis includes forward-looking information in
this media release within the meaning of applicable Canadian
securities laws and forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995
(collectively referred to as "forward-looking information").
Forward-looking information reflects expectations of Fortis
management regarding future growth, results of operations,
performance and business prospects and opportunities. Wherever
possible, words such as anticipates, believes, budgets, could,
estimates, expects, forecasts, intends, may, might, plans,
projects, schedule, should, target, will, would and the negative of
these terms and other similar terminology or expressions have been
used to identify the forward-looking information, which includes,
without limitation: the expected amount of gross proceeds from the
issuance of the Notes assuming all Notes issuable pursuant to the
Offering are sold by the Agents and the Corporation's expected use
of the net proceeds from the Offering.
Forward-looking information involves significant
risks, uncertainties and assumptions. Certain material factors or
assumptions have been applied in drawing the conclusions contained
in the forward-looking information. Fortis cautions readers that a
number of factors could cause actual results, performance or
achievements to differ materially from the results discussed or
implied in the forward-looking information. These factors should be
considered carefully and undue reliance should not be placed on the
forward-looking information. For additional information with
respect to certain of these risks or factors, reference should be
made to the Prospectus Supplement and the continuous disclosure
materials filed by the Corporation from time to time on SEDAR and
EDGAR. The Corporation disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
A .pdf version of this press release is
available
at: http://ml.globenewswire.com/Resource/Download/767ae041-da80-4dbd-8100-994dc6978559
For more
information, please contact |
Investor Enquiries:Ms. Stephanie AmaimoVice President, Investor
RelationsFortis
Inc.289.946.3572investorrelations@fortisinc.com |
Media Enquiries:Ms. Karen
McCarthyVice President, Communications & Corporate
AffairsFortis Inc.709.737.5323media@fortisinc.com |
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