Fortis Inc. priced two US$500 million junior subordinated note tranches, carrying fixed-to-fixed rates of 6.625% and 6.875% and maturing March 30, 2057. Investors are watching the planned use of net proceeds, which Fortis expects to direct toward maturing indebtedness and general corporate purposes, subject to closing conditions.

Key Highlights

  • Net proceeds are intended for maturing indebtedness and general corporate purposes.
  • Fortis priced two junior subordinated note tranches on September 9, 2026.
  • The notes carry fixed-to-fixed rates of 6.625% and 6.875%, with each Tranche totaling US$500 million.
  • Both tranches mature on March 30, 2057, with closing expected on September 21, 2026.

Both tranches mature on March 30, 2057. The public offering gives Fortis (NYSE: FTS) a new source of funds that it expects to use for maturing indebtedness and general corporate purposes. The notes were priced on September 9, 2026. The expected closing date is September 21, 2026, subject to customary closing conditions.

The first tranche carries a 6.625% fixed-to-fixed rate and has an aggregate principal amount of US$500 million. The second carries a 6.875% fixed-to-fixed rate and also has an aggregate principal amount of US$500 million.

The company expects to apply the net proceeds toward repaying maturing indebtedness and for general corporate purposes. Those expected uses, along with the planned closing date, are forward-looking information.

Proceeds Set For Debt And Corporate Use

Fortis expects the offering to provide net proceeds for the two stated purposes, subject to the transaction closing as planned.