|By Marketwired .||
|November 8, 2013 09:49 AM EST||
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 11/08/13 -- Newfoundland Power Inc. announced today the closing of $70 million, 4.805 per cent First Mortgage Sinking Fund Bonds, due November 9, 2043. 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 over 254,000 accounts, Newfoundland Power Inc. 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. All of the common shares of Newfoundland Power Inc. are owned by Fortis Inc.
Vice President, Finance & Chief Financial Officer
Newfoundland Power Inc.