Fortis Inc.

Fortis Inc.

March 01, 2005 08:51 ET

Fortis Inc. Announces Closing of Common Share Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FORTIS INC.

TSX SYMBOL: FTS

MARCH 1, 2005 - 08:51 ET

Fortis Inc. Announces Closing of Common Share Offering

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - March 1, 2005) -
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 Scotia Capital Inc. and RBC Capital Markets.

Fortis issued 1,740,000 Common Shares at $74.65 each for gross proceeds
of $129,891,000. The net proceeds of the offering will be used by the
Corporation to repay outstanding indebtedness and for general corporate
purposes, including utility-based capital expenditures.

Fortis is a diversified, international electric utility holding company
with assets exceeding $3.8 billion and annual revenues of approximately
$1.2 billion. The Common Shares, Series C First Preference Shares and
Series E First Preference Shares of the Corporation are traded on the
Toronto Stock Exchange under the symbols FTS, FTS.PR.C and FTS.PR.E,
respectively. Fortis information can be accessed at www.fortisinc.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Fortis Inc.
    Donna Hynes
    Manager, Investor & Public Relations
    (709) 737-2800
    (709) 737-5307 (FAX)