ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Aug. 15, 2005) - Newfoundland Power Inc. (TSX:FTS) announced today that it has closed the private placement of $60 million, 5.441 per cent First Mortgage Sinking Fund Bonds, due August 15, 2035. The net proceeds from the private placement will be used by the Company to repay short-term indebtedness and for general corporate purposes.
All the common shares of Newfoundland Power Inc. are owned by Fortis Inc., a diversified international electric utility holding company with assets of over $4.0 billion and annual revenues of approximately $1.2 billion. The Common Shares, Series C First Preference Shares and Series E First Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed at www.fortisinc.com.
With a customer base of over 225,000 accounts, Newfoundland Power is 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, visit www.newfoundlandpower.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Vice President, Finance
(709) 737-5300 (FAX)