Fortis Inc. Announces Closing of Previously Announced Offering of Common Shares Comprised of C$600 Million Bought Deal and Concurrent C$500 Million Offering to Institutional Investor

ST. JOHN’S, Newfoundland and Labrador, Dec. 03, 2019 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS) announced today that it has closed its previously announced bought deal public offering (the “Bought Deal”) and concurrent direct registered offering (the “Concurrent Offering” and together with the Bought Deal, the “Offerings”). A total of 21,097,728 common shares of Fortis (the “Common Shares”) were sold under the Offerings at a price of C$52.15 per Common Share, resulting in gross proceeds to Fortis of C$1,100 million.Under the Bought Deal, 11,510,000 Common Shares were issued and sold by the Corporation for gross proceeds to Fortis of C$600 million pursuant to an underwriting agreement dated November 26, 2019 among Fortis and a syndicate of underwriters led by Scotia Capital Inc., CIBC Capital Markets and RBC Capital Markets.Under the Concurrent Offering, 9,587,728 Common Shares were issued and sold by the Corporation to an institutional investor in the United States for gross proceeds to Fortis of C$500 million. The Common Shares offered in the Concurrent Offering were sold directly to the institutional investor without an underwriter or placement agent.The net proceeds of the Offerings will be used to fund the Corporation’s capital plan, repay indebtedness of Fortis and for general corporate purposes.About FortisFortis is a leader in the North American regulated electric and gas utility industry with 2018 revenue of C$8.4 billion and total assets of approximately C$53 billion as at September 30, 2019. The Corporation’s 8,800 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.Fortis 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.
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