ST. JOHN'S, NEWFOUNDLAND AND LABRADOR - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announced today the applicable annual fixed dividend rate for its Cumulative Redeemable Five-Year Fixed-Rate Reset First Preference Shares, Series G (the "Series G Shares").
Holders of the Series G Shares will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Fortis. The annual fixed dividend rate for the five-year period from and including September 1, 2013 to but excluding September 1, 2018 will be 3.883%, being equal to the Five-Year Government of Canada bond yield determined as at August 2, 2013 plus 2.13%, as determined in accordance with the terms of the Series G Shares.
Fortis has designated the preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes.
Fortis is the largest investor-owned distribution utility in Canada, with total assets exceeding $17 billion and fiscal 2012 revenue totalling approximately $3.7 billion. Its regulated utilities account for 90% of total assets and serve approximately 2.4 million gas and electricity customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investments are comprised of hotels and commercial real estate in Canada and petroleum supply operations in the mid-Atlantic region of the United States.
The Common Shares; First Preference Shares, Series E; First Preference Shares, Series F; First Preference Shares, Series G; First Preference Shares, Series H; First Preference Shares, Series J; and First Preference Shares, Series K are listed on the Toronto Stock Exchange and trade under the ticker symbols FTS, FTS.PR.E, FTS.PR.F, FTS.PR.G, FTS.PR.H, FTS.PR.J and FTS.PR.K, respectively. Fortis information can be accessed on the Corporation's website at www.fortisinc.com and on SEDAR at www.sedar.com.