Fortis Inc. completed a public offering of 11,700,000 common shares on December 19, 2008, for gross proceeds of $300,105,000.
The net proceeds from the sale of the common shares were used to repay indebtedness under the corporation's credit facility and for general corporate purposes. The offering was made through a syndicate of underwriters led by Scotia Capital Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
Fortis is the largest investor-owned distribution utility in Canada. With total assets exceeding $10.5 billion and annual revenues expected to be approximately $3.7 billion, Fortis serves more than 2,000,000 gas and electricity customers. It also owns hotels and commercial real estate across Canada.
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 comprised of Arthur Shiff, James Reid, Ivana Gotzeva and Robin Upshall (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 comprised of Joel Binder, Wendy Yu, Chris MacIntyre and Ruth Elnekave (corporate and securities) and Trevor McGowan (tax).