Fortis Inc.
TSX : FTS

Fortis Inc.

January 18, 2007 08:42 ET

Fortis Inc. Closes Offering of 5,170,000 Common Shares

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(CCNMatthews - Jan. 18, 2007) - Not for distribution to U.S. news wire services or dissemination in the United States.

Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announced today that it has closed its public offering of common shares (the "Common Shares") underwritten by a syndicate of underwriters led by Scotia Capital Inc. and CIBC World Markets Inc.

Fortis issued 5,170,000 Common Shares at a price of $29.00 per share for gross proceeds to the Corporation of $149,930,000. The net proceeds of the offering will be used to repay indebtedness incurred from recent acquisitions, to support the capital expenditure programs of the Corporation's regulated utilities in western Canada, and for general corporate purposes.

Fortis is principally a diversified, international electric utility holding company with assets of approximately $5.0 billion and annual revenues of more than $1.4 billion. Fortis has holdings in regulated electric distribution utilities in Alberta, British Columbia, Newfoundland, Ontario, Prince Edward Island, Belize, Grand Cayman and Turks and Caicos Islands. It has non-regulated generation operations in Belize, Ontario, Newfoundland, British Columbia and upper New York State. Fortis also has investments in real estate and hotels through its wholly owned non-utility subsidiary.

The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E; and First Preference Shares, Series F of Fortis are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E and FTS.PR.F, respectively. Fortis information can be accessed at www.fortisinc.com.

Fortis includes forward-looking statements in this material. By their very nature, forward-looking statements are based on underlying assumptions and are subject to inherent risks and uncertainties surrounding future expectations generally. Such events include, but are not limited to, general economic, market and business conditions, regulatory developments, weather and competition. Fortis cautions readers that should certain events or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. For additional information with respect to certain of these risks or factors, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Fortis Inc.
    Mr. Barry Perry
    Vice President, Finance and Chief Financial Officer
    709-737-2800
    709-737-5307 (FAX)