On November 30, 2004, FortisBC Inc., an indirect wholly-owned subsidiary of Fortis Inc., completed an initial public offering of $140 million aggregate principal amount of 5.48 per cent senior unsecured debentures due November 28, 2014. The net proceeds of the offering were used principally to repay certain short-term indebtedness, including short-term indebtedness incurred by FortisBC in connection with its acquisition by Fortis Inc. on May 31, 2004.
FortisBC is an integrated, regulated electric utility that generates, transmits and distributes electricity within its service territory in the southern interior of British Columbia.
The offering was made through a syndicate of underwriters led by Scotia Capital Inc. and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and TD Securities Inc.
FortisBC was represented in-house by Kelly Cairns, vice-president, customer and corporate services, general counsel and corporate secretary, and David Bennett, corporate solicitor. FortisBC was also represented by Davies Ward Phillips & Vineberg LLP with a team comprised of Arthur Shiff, Carol Pennycook, Jim Reid, Kerry O’Reilly and Ivana Gotzeva (corporate and securities) and John Zinn and Colin Campbell (tax). Dean O’Leary and Candy Saga of Farris LLP acted as British Columbia counsel to FortisBC.
The underwriters were represented by Stikeman Elliott LLP with a team comprised of Joel Binder, Karen Jackson, Greg Hogan and Wendy Yu (corporate and securities) and Lianne Miller (tax).