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Fortis Financial issues $10M in subordinated debt

Fortis Financial Inc. issued $10 million in fixed to floating unsecured subordinated debt.

The offering's rate is 6.5%, with a 10-year term and a five-year non-call period.

The Denver-based company plans to use net proceeds from the offering for general corporate purposes, including investment in its regulatory capital and potential future growth opportunities. Fortis Financial is the holding company for Fortis Pvt. Bank, which has $699.4 million in assets and three branches in Colorado.

Hovde Group LLC served as the sole placement agent for Fortis Financial.