Fortis issues $250-M share offering

St. John’s-based gas and electric distribution utility Fortis Inc. this week announced it would be offering $250 million in shares — Series K — through a syndicate of underwriters, led by TD Securities, CIBC and Scotiabank, to the public.

The company is offering 10,000,000 cumulative redeemable fixed-rate reset first preference shares at $25 per share.

“The net proceeds of the offering will be used to repay a portion of borrowings under the Corporation’s $1-billion committed corporate credit facility, including amounts borrowed in connection with the redemption of the Corpo- ration’s First Preference Shares, Series C, the construction of the Waneta Expansion and equity injections into certain of the Corporation's subsidiaries, and for general corporate purposes,” said the company in a statement released this week.