Newfoundland Power announces closing of $75 million bond issue

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 2, 2017) - Newfoundland Power Inc. announced today the closing of $75 million, 3.815 per cent First Mortgage Sinking Fund Bonds, due June 1, 2057. The net proceeds from the private placement will be used by the Company to repay its short-term borrowings, which were incurred principally to fund capital expenditures and for general corporate purposes.

Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 264,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com.