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Published on 8/9/2019 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.

New Issue: FortisBC sells upsized C$200 million 2.82% 30-year bonds at 99.94 to yield 2.823%

By Cristal Cody

Tupelo, Miss., Aug. 9 – FortisBC Energy Inc. priced an upsized C$200 million of 2.82% 30-year medium-term debentures (A3//DBRS: A) at 99.94 to yield 2.823%, according to final term sheets.

The offering was upsized from C$150 million.

TD Securities Inc. was the bookrunner.

Proceeds will be used for general corporate purposes, including to repay existing debt and to finance the corporation’s capital expenditure program and for working capital requirements.

The Surrey, B.C.-based electricity and natural gas distributor is a subsidiary of Fortis Inc.

Issuer:FortisBC Energy Inc.
Amount:C$200 million
Securities:Series 32 medium-term debentures
Maturity:Aug. 9, 2049
Bookrunner:TD Securities Inc.
Co-managers:BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc. and Casgrain & Co. Ltd.
Coupon:2.82%
Price:99.94
Yield:2.823%
Call features:Make-whole call before Feb. 9, 2049 at greater of par and the Government of Canada bond yield plus 35 bps; thereafter at par
Pricing date:Aug. 7
Settlement date:Aug. 9
Ratings:Moody’s: A3
DBRS: A
Distribution:Canada

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