{"id":2178,"date":"2008-05-23T18:10:36","date_gmt":"2008-05-23T22:10:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2178"},"modified":"2008-05-23T18:10:36","modified_gmt":"2008-05-23T22:10:36","slug":"ftsprg-closes-trades-at-premium","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2178","title":{"rendered":"FTS.PR.G Closes; Trades at Premium"},"content":{"rendered":"

Fortis has announced<\/a>:<\/p>\n

that it has closed its public offering (the “Offering”) of Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series G (the “Series G First Preference Shares”) underwritten by a syndicate of underwriters led by Scotia Capital Inc. and CIBC World Markets Inc. Fortis issued 8,000,000 Series G First Preference Shares at a price of $25.00 per share for gross proceeds to the Corporation of $200,000,000. The underwriters also have the option to purchase up to an additional 1,200,000 Series G First Preference Shares to cover over-allotments, if any, and for market stabilization purposes, during the 30 days following the closing of the Offering (the “Over-Allotment Option”). If the Over-Allotment Option is exercised in full, the Offering will result in gross proceeds to the Corporation of $230,000,000.<\/p>\n

A portion of the net proceeds of the Offering will be used to repay the total amount outstanding of approximately $170 million under the Corporation’s committed credit facility, which indebtedness was incurred to fund a portion of the purchase price for the acquisition of Terasen Inc. on May 17, 2007 and the purchase price for the acquisition of the Delta Regina hotel on August 1, 2007. The balance will be used for general corporate purposes.<\/p><\/blockquote>\n

The issue traded 190,570 shares today in a range of 24.84-25.10, closing at 25.00-15, 88×100.<\/p>\n

The issue will not be tracked by HIMIPref™, due largely to the lack of comparables. There is a possibility that a rush of new issues of this type is in the pipeline, as has been noted<\/a> previously. Should the asset class become important, the fixed-resets from Fortis<\/a> and from Scotia<\/a> will be added on a back-dated basis.<\/p>\n

With the BCE \/ Teachers’ deal in jeopardy<\/a>, however, there is a chance that these pipelined issues might die on the vine.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fortis has announced: that it has closed its public offering (the “Offering”) of Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series G (the “Series G First Preference Shares”) underwritten by a syndicate of …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2178","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2178"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2178\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}