Fortis Inc has announced – on their website<\/a>, not via press release like normal people – that FTS.PR.H will reset to As Assiduous Reader Xalier points out in the comments, the initial assertion is not just nonsense, but is contradicted by the subsequent press release, which is now quoted. Sadly the website has been changed again so I can’t determine the source of the error; but the “share information page” still has the annual dollar rate wrong<\/a>.<\/i><\/p>\n They later announced<\/a>:<\/p>\n that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H (“Series H Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I (“Series I Shares”) and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols FTS.PR.H and FTS.PR.I, respectively.<\/p>\n The Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent.<\/p>\n The Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent.<\/p>\n For more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation’s short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.fortisinc.com.<\/p><\/blockquote>\n So that’s a 2% net conversion into FTS.PR.H, the FixedReset.<\/p>\n FTS.PR.H was issued as a FixedReset, 4.25%+145, that commenced trading 2010-1-26<\/a> after being announced 2010-1-11<\/a>. In 2015 it reset to 2.50% amid great secrecy<\/a> as they prefer to maintain selective disclosure through the old boys’ club<\/a>. It reset to 1.835% effective 2020-6-1<\/a> and there was a 6% net conversion<\/a> to the FixedReset.<\/p>\n7.340%<\/S> 4.183% effective June 1, 2025.<\/p>\n
![still has the annual dollar rate wrong<\/a>.<\/i><\/p>\nThey later announced<\/a>:<\/p>\n that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H (“Series H Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I (“Series I Shares”) and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols FTS.PR.H and FTS.PR.I, respectively.<\/p>\nThe Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent.<\/p>\nThe Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent.<\/p>\nFor more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation’s short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.fortisinc.com.<\/p><\/blockquote>\nSo that’s a 2% net conversion into FTS.PR.H, the FixedReset.<\/p>\nFTS.PR.H was issued as a FixedReset, 4.25%+145, that commenced trading 2010-1-26<\/a> after being announced 2010-1-11<\/a>. In 2015 it reset to 2.50% amid great secrecy<\/a> as they prefer to maintain selective disclosure through the old boys’ club<\/a>. It reset to 1.835% effective 2020-6-1<\/a> and there was a 6% net conversion<\/a> to the FixedReset.<\/p>\nFTS.PR.I is a FloatingReset commenced trading 2020-6-2<\/a> after its creation via partial conversion from FTS.PR.H.<\/p>\n","protected":false},"excerpt":{"rendered":"Fortis Inc has announced – on their website, not via press release like normal people – that FTS.PR.H will reset to 7.340% 4.183% effective June 1, 2025. As Assiduous Reader Xalier points out in the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-47900","post","type-post","status-publish","format-standard","hentry","category-better-communication-please","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47900","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=47900"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47900\/revisions"}],"predecessor-version":[{"id":48058,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47900\/revisions\/48058"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/prefblog.com\/wp-content\/uploads\/2025\/07\/FTSPRH_divRate_recovered250706.jpg\"){kind=link}