Fortis Inc. on May 31 filed a registration statement in connection with its offer to exchange up to $2.0 billion of its new registered notes for a like amount of its outstanding unregistered notes.
The company is offering to exchange up to $500 million of its new registered 2.100% notes due 2021 and up to $1.50 billion of its new registered 3.055% notes due 2026, for an aggregate amount of initial 2021 and 2026 notes. The outstanding notes may be exchanged only in denominations of $2,000 and integral multiples of $1,000, according to a May 31 Form 6-K filing.
All terms and conditions as described in the offer to exchange and related May 31 letter of transmittal, remain unchanged except that the holders of new 2021 and 2026 notes will not be entitled to registration rights and will not have any effect of annual interest rate.
The exchange offer and the withdrawal rights will expire at 5 p.m. ET on June 28, unless extended.
The company will not receive any cash proceeds from the exchange offer.