Featured Company News – Fortis Announces Closing and Results of Exchange Offer; Issues New Notes in Exchange of Old Notes

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LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Fortis Inc. (NYSE: FTS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FTS. The Company announced on July 07, 2017, the closing and results of its offer to exchange the $2.0 billion aggregate principal amount of its new senior unsecured notes registered under the US Securities Act of 1933, as amended for a similar principal amount of its outstanding unregistered senior unsecured notes. The Old Notes, according to the Company, includes a $500 million principal amount of 2.100% notes due 2021 and $1.5 billion principal amount of 3.055% notes due 2026. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Electric Utilities industry. Pro-TD has currently selected Azure Power Global Ltd (NYSE: AZRE) for due-diligence and potential coverage as the Company announced on June 19, 2017, its consolidated results under United States Generally Accepted Accounting Principles (US GAAP) for Q4 FY17 which ended on March 31, 2017. Tune into our site to register for a free membership, and be among the early birds that get our report on Azure Power Global when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FTS; also brushing on AZRE. Go directly to your stock of interest and access today’s free coverage at:

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The Old Notes

Fortis issued these Old Notes in October 2016 to qualified institutional buyers under Rule 144A of the Securities Act and to non-US persons under Regulation S of the Securities Act and were not offered for sale in Canada. The Exchange Offer expired at 5.00 pm New York City time on June 28, 2017. Bank of New York Mellon acted as the exchange agent for the Exchange Offer and has advised that an aggregate principal amount of $499.900 million of the 2021 notes and $1.59 billion of the 2026 Notes were validly tendered and not withdrawn. It represented about 99.98% and 99.96% of the aggregate principal amount of the 2021 Notes and the 2026 Notes outstanding, respectively.

The Announcement

This announcement comes on the heels of the commencement of the Exchange Offer, June 01, 2017. Fortis additionally issued an equal principal amount of New Notes of each series in exchange for the Old Notes of each series that were validly tendered and not withdrawn. Settlement of the Exchange Offer and delivery of the New Notes occurred on July 07, 2017. In connection with the issuance of the Old Notes, the Company entered into a registration rights agreement with the initial purchasers of the Old Notes in which it undertook to conduct the Exchange Offer. The purpose of the Exchange Offer, according to the Company, was to fulfill the Company’s obligations under the registration rights agreement.

The New Notes have identical terms as the Old Notes, except that the New Notes are registered under the Securities Act, and do not contain restrictions on transfer, additional interest provisions or special mandatory redemption provisions, bear different CUSIP numbers from the Old Notes, and do not entitle their holders to registration rights. The Exchange Offer was made pursuant to the Company’s shelf prospectus and a registration statement on Form F-10, previously filed with the SEO under the US/Canadian multi jurisdictional disclosure system, according to the prospectus supplement filed on May 31, 2017.

About Fortis

Fortis is a leader in the North American regulated electric and gas utility industry with total assets of about $48 billion. The Company operates through its 8,000 employees serving utility customers in nine US states, five Canadian provinces, and three Caribbean countries. Fortis announced on May 29, 2017, that it would host the first Fortis Energy Exchange in the partnership with the Canadian Electricity Association, a North American Energy Leadership Forum, in St. John’s on June 21, 2017.

Last Close Stock Review

On Monday, July 10, 2017, the stock closed the trading session at $34.68, slightly up 0.14% from its previous closing price of $34.63. A total volume of 183.02 thousand shares has exchanged hands, which was higher than the 3-month average volume of 166.73 thousand shares. Fortis’ stock price surged 5.54% in the last three months, 11.33% in the past six months, and 6.34% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 12.31%. The stock is trading at a PE ratio of 21.80. At Monday’s closing price, the stock’s net capitalization stands at $14.41 billion.

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