Fortis Inc. Announces Results of Series H First Preference Share and Series I Preference Share Conversions
June 01 2020 - 4:33PM
Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced
today that 267,341 of its 7,024,846 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 907,577 of its 2,975,154 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 7,665,082 Series
H Shares and 2,334,918 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.
The Series H Shares will pay on a quarterly
basis, for the five-year period beginning on June 1, 2020, if, as
and when declared by the Board of Directors of Fortis, a fixed
dividend based on an annual fixed dividend rate of 1.835
percent.
The Series I Shares will pay a floating
quarterly dividend for the five-year period beginning on June 1,
2020, 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, 2020 and ending on and including August 31, 2020)
is based on an annual floating dividend rate of 1.722 percent and
will be reset every quarter based on the applicable three-month
Government of Canada Treasury Bill rate plus 1.450 percent.
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.sedar.com and on the Corporation's website at
www.fortisinc.com.
About
Fortis
Fortis is a well-diversified leader in the North
American regulated electric and gas utility industry, with 2019
revenue of $8.8 billion and total assets of $57 billion as at March
31, 2020. The Corporation's 9,000 employees serve utility customers
in five Canadian provinces, nine U.S. states and three Caribbean
countries.
Fortis common shares are listed on the TSX and
NYSE and trade under the symbol FTS. Additional information can be
accessed at www.fortisinc.com, www.sedar.com or
www.sec.gov.
For more information please contact
Investor Enquiries: Ms. Stephanie Amaimo Vice President,
Investor Relations Fortis Inc.
709.737.2900investorrelations@fortisinc.com
Media Enquiries:Ms. Karen McCarthyVice President, Communications
and Corporate AffairsFortis
Inc.709.737.5323media@fortisinc.com
A .pdf version of this press release is available
at: http://ml.globenewswire.com/Resource/Download/53457190-2c3e-4e39-9921-5c5dcafedbcc
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