On June 15, 2011, Fortis Inc. (Fortis) completed a public offering of 10,340,000 common shares (the “Common Shares”) for gross proceeds of $341,220,000, which included the subsequent issuance of 1,240,000 common shares upon the exercise of the over-allotment option under the offering. The net proceeds from the sale of the Common Shares were used to repay indebtedness under Fortis's committed credit facility, to finance additional equity injections into Fortis's western Canadian regulated utility subsidiaries and the Waneta Expansion Limited Partnership in support of investment in infrastructure, and for general corporate purposes. The offering was made through a syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc.
Fortis is the largest investor-owned distribution utility in Canada, with total assets of approximately $13 billion and fiscal 2010 revenue totalling approximately $3.7 billion. Fortis serves approximately 2,100,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across both Canada and Belize, and in upstate New York. It also owns hotels and commercial office and retail space primarily in Atlantic Canada. Fortis shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.
Fortis was represented in-house by Ron McCabe, Vice President, General Counsel and Corporate Secretary. Davies Ward Phillips & Vineberg LLP acted as counsel for Fortis, with a team comprising Jim Reid and Robin Upshall (corporate and securities) and Raj Juneja (tax). John Green, QC, and Caroline Watton of McInnes Cooper acted as Newfoundland and Labrador counsel to Fortis.
Stikeman Elliott LLP acted as counsel to the underwriters, with a team comprising Joel Binder, Ruth Elnekave and Cora Zeeman (corporate and securities) and Katy Pitch (tax).