Fortis Inc. (Fortis) completed two separate public offerings in October, 2000. The first, which was completed on October 17th, consisted of 1,500,000 common shares at C$34.50 per share for total proceeds of C$51.75 million, and was underwritten by Scotia Capital Inc. and CIBC World Markets Inc. The second offering, which closed on October 25th, consisted of C$100 million of 7.4 per cent senior unsecured debentures, due October 25, 2010. The second offering was underwritten by CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities, and represented Fortis’ first public debt offering.
Fortis is a Newfoundland-based utility holding company with interests in three electric utility subsidiaries– Newfoundland Power Inc., Maritime Electric Company Limited and Fortis US Energy Corporation–and with a 50 per cent interest in Canadian Niagara Power Company, Ltd. It also holds a 67 per cent interest in Belize Electricity Limited and a 20 per cent interest in Caribbean Utilities Company, Ltd. of Grand Cayman. Finally, through two non-utility subsidiaries, Fortis has investments in real estate, hotel operations and financial services.
Counsel to Fortis on both offerings was Davies Ward Phillips & Vineberg LLP (previously Davies, Ward & Beck LLP). The corporate team consisted of Arthur Shiff, Scott Hyman and Tarne Whiteley, with tax advice provided by John Zinn. Curtis, Dawe of St. John’s acted as local counsel for the issuer. Smith Lyons acted for both underwriting syndicates with a team consisting of Paul Harricks, Todd May, Corina Zatreanu and Katherine Gurney as well as Evelyn Moskowitz on tax related issues.
Acting as Canadian counsel to the new investors were Constatine Troulis and Charles Spector of the Montreal office of Fraser Milner Casgrain. Denis Boudreault of Lapointe Rosenstein acted for Technocap Inc.