Preferred Stock Channel
Fortis Inc | First Preference Units. Each First Preference Unit consisting of one Cumulative Redeemable Convertible First Preference Share, Series D and one Cumulative Redeemable Convertible First Preference Share, Series E Purchase Warrant (FTS.PRE.CA)

Prospectus excerpt:  Fortis Inc. (‘‘Fortis’’ or the ‘‘Corporation’’) is hereby qualifying for distribution (the ‘‘Offering’’) 8,000,000 first preference units (the ‘‘Units’’), each of which consists of one cumulative redeemable convertible first preference share, series D of the Corporation (a ‘‘Series D First Preference Share’’) and one cumulative redeemable convertible first preference share, series E purchase warrant of the Corporation (a ‘‘Warrant’’). The holders of Series D First Preference Shares will be entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Corporation (the ‘‘Board of Directors’’) in the amount of $0.3063 per Series D First Preference Share per annum, to accrue from the original date of issue, payable on March 31, 2004, July 15, 2004 and thereafter on the first business day of September, December, March and June of each year. Assuming an issue date of January 29, 2004, the first dividend, if declared, will be payable on March 31, 2004 in the amount of $0.0519 per Series D First Preference Share, the second dividend, if declared, will be payable on July 15, 2004 in the amount of $0.0887 per Series D First Preference Share, the third dividend, if declared, will be payable on September 1, 2004 in the amount of $0.0402 per Series D First Preference Share and each dividend thereafter will be payable in equal quarterly instalments in the amount of $0.0766 per Series D First Preference Share, except as described herein. If the Acquisition (as defined below) has closed on or prior to June 30, 2004, quarterly cash dividends payable in respect of the Series D First Preference Shares after July 15, 2004, if declared, will be reduced to $0.01 per Series D First Preference Share, being equivalent to 0.64% per annum per Series D First Preference Share. See ‘‘Details of the Offering — Description of the Series D First Preference Shares — Dividends’’.

Full Prospectus PDF », FTS.CA Page »

Series:D,E
Alternate symbology:FTS-E.CA, FTS-PE.CA, FTSprE.CA
Redeemable?:Yes
Call Date:6/1/2016 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:On and after June 1, 2013, the Corporation may, subject to applicable law and any necessary regulatory approvals, at its option, upon not less than 30 days and not more than 60 days prior written notice, convert all, or from time to time any part of, the outstanding Series D First Preference Shares into that number of fully-paid and freely-tradeable Common Shares determined by dividing the then applicable redemption price per Series D First Preference Share (as set out below) plus all accrued and unpaid dividends up to but excluding the date fixed for conversion, by the greater of $1.00 and 95% of the Current Market Price. Fractional Common Shares will not be issued on any conversion of Series D First Preference Shares, but in lieu thereof, the Corporation will make cash payments. If less than all of the outstanding Series D First Preference Shares are at any time to be converted, such Series D First Preference Shares will be converted on a pro rata basis. See ‘‘Details of the Offering — Description of the Series D First Preference Shares — Conversion by the Corporation into Common Shares’’.
Shares Offered:8000000
Liquidation Preference:$6.25
Original Coupon:4.90%
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
CDx3 Compliance Rating: Learn FTS.PRE.CA's Rating
Fortis is a holding company. Through its subsidiaries, Co. is engaged in the regulated electric and gas utility industry. Co.'s regulated utility businesses include ITC Holdings Corp. together with all of its subsidiaries, which consists mainly of electric transmission operations. ITC's subsidiaries own and operate high-voltage electric transmission systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to ITC's transmission systems. Co.'s non-regulated energy infrastructure includes a natural gas storage facility in British Columbia.

Preferreds: FTS.PRC.CA, FTS.PRE.CA, FTS.PRF.CA, FTS.PRG.CA, FTS.PRH.CA, FTS.PRJ.CA


Open the FTS.CA Information Page »
Name:  Fortis Inc
Website:  www.fortisinc.com
Sector:  Electric Utilities
Number of ETFs Holding FTS.CA:  2 (see which ones)
Total Market Value Held by ETFs:  $42,932,353
Total Market Capitalization:  $6,831,000,000
% of Market Cap. Held by ETFs:  0.63%

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