Fortis’s $2 Billion Debt Offering

Cravath represented the initial purchasers, Goldman, Sachs & Co., Mitsubishi UFJ Financial Group, Scotiabank and Wells Fargo Securities, in connection with the US$2 billion 144A/Reg. S debt offering of Fortis Inc., an electric and gas utility company. Proceeds of the offering will be used to finance the acquisition of ITC Holdings Corp., the largest independent electricity transmission company in the United States. The transaction closed on October 4, 2016.

The Cravath team included associates Benjamin G. H. Lazar, William A. Magioncalda and Ryan J. Patrone on securities matters; Of Counsel Michael L. Schler and associate Damien J. Rose on tax matters; and senior attorney Annmarie M. Terraciano on environmental matters.