ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 25, 2009) - Newfoundland Power Inc. announced today that it has closed the private placement of $65 million, 6.606 per cent First Mortgage Sinking Fund Bonds, due May 25, 2039. The net proceeds from the private placement will be used by the Company to repay its short-term borrowings, which were incurred principally to fund capital expenditures and for general corporate purposes.
With a customer base of approximately 237,000 accounts, Newfoundland Power is committed to safety and dedicated to providing the highest level of customer service and reliability of electricity in the most cost-efficient manner possible. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com.
All the common shares of Newfoundland Power are owned by Fortis Inc., the largest investor-owned distribution utility in Canada. With total assets approaching $12 billion and annual revenues totalling $3.9 billion, the Corporation serves more than 2,000,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upper New York State. It also owns hotels and commercial real estate across Canada. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com or www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Vice President, Finance & Chief Financial Officer