On December 7, 2018, FortisBC Energy Inc. issued $200 million of 3.85% medium term note debentures due December 7, 2048. FortisBC Energy is the largest distributor of natural gas in British Columbia, serving approximately 1,021,000 residential, commercial, industrial, and transportation customers in more than 135 communities.
The proceeds of the debenture offering will be used for general corporate purposes, including repayment of existing indebtedness and financing FortisBC Energy’s capital expenditure program and working capital requirements. Major capital projects may include additional Liquified Natural Gas (LNG) infrastructure investment opportunities in British Columbia, including a gas line expansion of the proposed Woodfibre LNG site near Squamish, BC and a further expansion of Fortis BC Energy’s Tilbury LNG Facility in Delta, BC.
Farris, Vaughan, Wills & Murphy LLP, led by partner David Selley and including tax partner Ron Dueck and associate Michael Rawluk, acted for FortisBC Energy. Cassels Brock & Blackwell LLP, led by partner John Christian, acted for the syndicate of dealers, with BMO Nesbitt Burns Inc. acting as lead dealer of the syndicate.