Fortis Inc. Now Trading on the New York Stock Exchange
Providenciales, Turks and Caicos Islands (Tuesday, October 18, 2016) – Fortis Inc., the Canadian-based parent company of FortisTCI, made its debut on the New York Stock Exchange (NYSE) on Friday, October 14, 2016, marking a historic milestone for the Company. President & CEO Barry Perry celebrated the occasion in New York today by carrying out the ceremonial ringing of the bell to open the exchange for trading. Mr. Perry was joined on the floor and the podium of the exchange by executives and CEO's from across the Fortis Group, including FortisTCI's CEO, Eddinton Powell, CFO, Ruth Forbes, and Manager of Plant Operations, Alvejes Desir. Celebrations were also held across all Fortis Companies in Canada, the United States, and the Caribbean, including the Turks and Caicos Islands.
The NYSE is known as one of the world’s premier exchanges and will give Fortis access to capital markets in the United States where there is a larger investor base. Fortis Inc. will also remain listed on the Toronto Stock Exchange (TSX) in Canada where it was founded making it a dual listed company.
Enhancing the NYSE listing, Fortis on Friday also closed on an approximately US$11.3 billion acquisition of ITC Holdings Corp. (“ITC”), the largest independent electric transmission company in the United States. The acquisition puts Fortis in the top 15 regulated investor-owned utilities in North America with assets totalling nearly CAD$45 billion.
FortisTCI President & CEO Eddinton Powell said, “This is a monumental achievement by our parent company, coupled with the just completed acquisition of ITC. The Turks and Caicos Islands can be proud of the strategic relationship it has with Fortis; a symbiotic, strategic relationship that includes the bond investment that the people of the Turks and Caicos Islands have in the local subsidiary (FortisTCI) through the National Insurance Board (NIB). This occasion further solidifies our commitment to our customers in the Turks and Caicos Islands.”
Notes to Editors:
1) FortisTCI Limited (FTCI) is a wholly owned subsidiary of Fortis Inc., and is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos, South Caicos, East Caicos and adjacent Cays. In August 2012, Turks and Caicos Utility Limited (TCU), which is the sole provider of electricity on the Islands of Grand Turk and Salt Cay, was acquired by FTCI. Together the two companies serve more than 14,100 electricity customers in the Turks & Caicos Islands archipelago. FTCI and TCU have an aggregate diesel-fired generating capacity of approximately 82 megawatts.
For additional information, visit www.fortistci.com
2) Fortis is a leader in the North American electric and gas utility business, with total assets of approximately CAD$29 billion and fiscal 2015 revenue of CAD$6.7 billion. The Corporation's asset mix is approximately 94% regulated (69% electric, 25% gas), with the remaining 6% comprised of non-regulated energy infrastructure. The Corporation's regulated utilities serve more than 3 million customers across Canada, the United States and the Caribbean.
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