On March 1, 2005, Fortis Inc., a diversified, international electric utility holding company, completed a public offering of 1,740,000 common shares at $74.65 per common share, for gross proceeds of $129,891,000. The net proceeds of the offering, which was underwritten by Scotia Capital Inc. and RBC Capital Markets, was used to repay outstanding indebtedness and for general corporate purposes, including utility-based capital expenditures.
Fortis was represented in-house by Ron McCabe, general counsel and corporate secretary, and by Davies Ward Phillips & Vineberg LLP with a team comprised of Arthur Shiff, Jim Reid and Kerry O’Reilly. Aubrey Bonnell, Q.C. and Regan O’Dea of Curtis, Dawe acted as Newfoundland and Labrador counsel to Fortis.
Stikeman Elliott LLP acted as counsel to the underwriters, with a team comprised of Joel Binder, Greg Hogan and Natalie West.