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FortisBC Inc., an indirect wholly-owned subsidiary of Fortis Inc., completed an initial public offering of CDN$140 million aggregate principal amount of 5.48% senior unsecured debentures due November 28, 2014. The net proceeds of the offering were used principally to repay certain short-term indebtedness, including short-term indebtedness incurred by FortisBC Inc. in connection with its acquisition by Fortis Inc. on May 31, 2004.

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2004