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Newfoundland Power closes C$75M bonds offering

Newfoundland Power Inc. has closed a private placement of C$75 million of 3.815% first mortgage sinking fund bonds due June 1, 2057.

The Fortis Inc. subsidiary intends to use net proceeds to repay short-term borrowings, which were incurred principally to fund CapEx and for general corporate purposes, according to a June 2 news release.