Fortis Completes $250M Public Offering

On January 26, 2010, Fortis Inc. completed a public offering of 10,000,000 Cumulative Redeemable Five-Year Rate Reset First Preference Shares, Series H for gross proceeds of $250,000,000. The net proceeds from the sale of the Series H First Preference Shares were used to repay borrowings under a committed credit facility and inject additional equity into a regulated subsidiary. The offering was made through a syndicate of underwriters led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc. and CIBC World Markets Inc.

Fortis is the largest investor-owned distribution utility in Canada with total assets approaching $12 billion and fiscal 2008 revenues totalling $3.9 billion. Fortis serves more than 2,000,000 gas and electricity customers.

Fortis was represented in-house by Ronald McCabe, Vice President, General Counsel and Corporate Secretary. Davies Ward Phillips & Vineberg LLP acted as counsel for Fortis, with a team that comprised James Reid, Richard Fridman, Joshua Kuretzky and William Buchner (corporate and securities); and Colin Campbell and Raj Juneja (tax). John Green, QC, of McInnes Cooper acted as Newfoundland and Labrador counsel to Fortis.

Stikeman Elliott LLP acted as counsel to the underwriters, with a team that comprised Joel Binder, Ian Putnam, Ruth Elnekave and Paul Rakowski (corporate and securities); and Roanne Bratz and Trevor McGowan (tax).