FTS.PR.J Achieves Solid Premium on Excellent Volume

Fortis Inc. has announced:

that it has closed its public offering (the “Offering”) of Cumulative Redeemable First Preference Shares, Series J (‚ÄúSeries J First Preference Shares”) underwritten by a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets. Fortis issued 8,000,000 Series J First Preference Shares at a price of $25.00 per share for aggregate gross proceeds to the Corporation of $200,000,000.

The net proceeds from the Offering will be used towards repaying borrowings under the Corporation’s $1 billion committed corporate credit facility, which borrowings were primarily incurred to support the construction of the non-regulated Waneta Expansion hydroelectric generating facility and for other general corporate purposes.

The Series J First Preference Shares were offered by way of prospectus supplement under the short form base shelf prospectus of Fortis dated May 10, 2012 and will commence trading today on the Toronto Stock Exchange under the symbol FTS.PR.J.

FTS.PR.J is a Straight Perpetual, 4.75%, announced November 1. The $200-million final size of the issue indicates that the $50-million greenshoe option was exercised in full. The issue will be tracked by HIMIPref™ and initially assigned to the PerpetualPremium index.

FTS.PR.J traded 1,173,968 shares today in a range of 25.04-19 before closing at 25.16-20, 72×110. Vital statistics are:

FTS.PR.J Perpetual-Premium YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.69 %

6 Responses to “FTS.PR.J Achieves Solid Premium on Excellent Volume”

  1. […] PrefBlog Canadian Preferred Shares – Data and Discussion « FTS.PR.J Achieves Solid Premium on Excellent Volume […]

  2. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.67 % […]

  3. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.69 % […]

  4. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 4.67 % […]

  5. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 4.67 % […]

  6. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 4.68 % […]

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