Fortis Completes $200M Public Offering

Fortis Inc. (“Fortis” or the “Corporation”) completed a public offering of 8,000,000 Cumulative Redeemable First Preference Shares, Series J (“Series J First Preference Shares”) at a price of $25.00 each for gross proceeds of $200 million. The net proceeds from the offering will be used towards repaying borrowings under the Corporation's $1 billion committed corporate credit facility, which were primarily incurred to support the construction of the non-regulated Waneta Expansion hydroelectric generating facility and for other general corporate purposes.

The offering was completed on a bought deal basis through a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets. The Series J First Preference Shares began trading on the Toronto Stock Exchange on November 13, 2012, under the symbol “FTS.PR.J”.

Fortis is the largest investor-owned distribution utility in Canada, with total assets of more than $14 billion and fiscal 2011 revenue totalling approximately $3.7 billion. The Corporation serves more than 2,000,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and two Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upstate New York. It also owns hotels across Canada and commercial office and retail space primarily in Atlantic Canada. The Corporation's common 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 Michael Jemczyk (corporate and securities) and Raj Juneja (tax) in Toronto and Scott Tayne (corporate and securities) and Scott Semer (tax) in New York. 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 comprising Joel Binder, Paul Rakowski and Cara Cornacchia (corporate and securities) and John Lorito and Katy Pitch (tax).


Raj Juneja Katy Pitch James R. Reid Paul Rakowski Scott Semer John G. Lorito Joel E. Binder Scott Tayne John M. Green Michael Jemczyk


Davies Ward Phillips & Vineberg LLP McInnes Cooper Stikeman Elliott LLP