Fortis Completes $1 Billion Junior Subordinated Notes Offering

Paul, Weiss advised the underwriters of Fortis Inc.’s offering of $1 billion aggregate principal amount of junior subordinated notes, comprised of $500 million of 6.625% fixed-to-fixed rate junior subordinated notes due 2057 and $500 million of 6.875% fixed-to-fixed rate junior subordinated notes due 2057. Fortis is a North American leader in energy delivery, with nine regulated electric and gas utilities in Canada, the U.S. and the Caribbean. The joint bookrunning managers for the offering are Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, and BofA Securities, Inc.

The Paul, Weiss team was led by corporate partner Christopher Cummings and included counsel Stephen Centa; tax partner Matthew Jordan and counsel Samir Kurani; and environmental counsel William O’Brien.