Monday is still the settlement date. This is not a rate-base add
Fortis Inc. (TSX: FTS, NYSE: FTS) has not posted a follow-up since it priced the notes on September 9. The offering is US$500 million of 6.625 percent fixed-to-fixed rate junior subordinated notes and US$500 million of 6.875 percent notes, both due March 30, 2057. Closing remains September 21, 2026, subject to customary conditions. That is four days from this morning.
The 6.625 percent notes hold that coupon through March 30, 2032, then reset to the five-year Treasury rate plus 2.016 percent, floored at 6.625 percent. The 6.875 percent notes reset after March 30, 2037 to five-year Treasuries plus 2.042 percent, floored at 6.875 percent. Both priced at par. Net proceeds are still described as debt repayment and general corporate purposes.
This is holding-company hybrid paper. It does not authorize a new generating station. It does not change Tilbury Phase 1B at FortisBC. And it does not move the September 16 FortisBC southern Interior wires note. Until Fortis posts a close or a delay, September 21 is the dated number.