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Fortis Inc. Completes Offering of Senior Unsecured Notes

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Fortis Inc. Completes Offering of Senior Unsecured Notes

Fortis Inc. has announced the successful completion of its private placement offering of $500,000,000 aggregate principal amount of 5.677% senior unsecured notes due November 8, 2033. The offering, made under exemptions from Canadian securities laws, was led by a syndicate of agents including RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., and Scotia Capital Inc., among others. The notes have not been registered under the U.S. Securities Act of 1933 and are not available for sale in the United States without registration or an applicable exemption. Fortis Inc. is a well-diversified leader in the North American regulated electric and gas utility industry, serving customers in five Canadian provinces, ten U.S. states, and three Caribbean countries. With 2022 revenue of $11 billion and total assets of $66 billion, Fortis Inc. continues to be a prominent player in the industry.

Implications of Fortis Inc.'s Successful Offering on New Businesses

The successful completion of Fortis Inc.'s private placement offering of senior unsecured notes could serve as a significant lesson for new businesses. This move not only provides Fortis with additional capital but also solidifies its standing in the industry. For startups, particularly those in the regulated utility sector, this underscores the potential of such financial instruments in raising capital. Moreover, the involvement of a syndicate of agents in the offering process highlights the role of strategic partnerships in facilitating business transactions. New businesses can learn from this approach by leveraging partnerships to access resources, expertise, and networks that may be beyond their reach. Furthermore, Fortis's compliance with securities laws in both Canada and the U.S. emphasizes the importance of understanding and adhering to regulatory requirements in business operations. For new businesses, this underscores the need to invest in legal expertise to navigate complex regulatory landscapes. In essence, Fortis Inc.'s successful offering provides a blueprint for new businesses, demonstrating the potential of strategic financial decisions, partnerships, and regulatory compliance in driving business growth and success.
Story First Published at: https://financialpost.com/globe-newswire/fortis-inc-announces-closing-of-offering-of-senior-unsecured-notes-3
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