Published on 7/10/2020 in the Prospect News Agency DailyProspect News Canadian Bonds Daily, Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: FortisBC Energy prices C$200 million 30-year green bonds at par to yield 2.54%
By Cristal Cody
Tupelo, Miss., July 10 – FortisBC Energy Inc. priced C$200 million of 30-year green medium-term debentures (A3//DBRS: A) at par to yield 2.54% on Thursday, according to a final term sheet.
RBC Dominion Securities Inc. was the bookrunner.
Proceeds will be used to finance or refinance new or existing eligible green projects.
The Surrey, B.C.-based electricity and natural gas distributor is a subsidiary of Fortis Inc.
| Issuer: | FortisBC Energy Inc.
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| Amount: | C$200 million
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| Securities: | Series 33 green medium-term debentures
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| Maturity: | July 13, 2050
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| Bookrunner: | RBC Dominion Securities Inc.
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| Co-managers: | BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., MUFG Securities (Canada), Ltd. and Casgrain & Co. Ltd.
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| Coupon: | 2.54%
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| Price: | Par
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| Yield: | 2.54%
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| Call features: | Make-whole call before Jan. 13, 2050 at greater of par and the Government of Canada bond yield plus 36.5 bps; thereafter at par
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| Pricing date: | July 9
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| Settlement date: | July 13
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| Ratings: | Moody’s: A3
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| DBRS: A
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| Distribution: | Canada
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