Fortis Inc. announced that it has entered into an agreement for a private placement on best efforts and it will issue senior unsecured notes for aggregate gross proceeds of CAD 500 million on November 6, 2023. The company will issue notes for an aggregate principal amount of CAD 500 million. The notes bears interest at a rate of 5.677% per annum and due on November 8, 2033.

Interest on the notes will be payable semi-annually in arrears on May 8 and November 8 of each year, commencing on May 8, 2024. The transaction is expected to close on November 8, 2023.