SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. V6Z 2N3 CANADA web site: http://www.bcuc.com IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by FortisBC Inc. for Approval to Issue New Unsecured Debentures BEFORE: L.F. Kelsey, Commissioner O R D E R WHEREAS: A. On May 15, 2007 FortisBC Inc. (“FortisBC”) applied pursuant to Section 50(2) of the Utilities Commission Act (the “Act”) for approval to issue a new series of unsecured debentures in a principal amount of no more than $110 million, with interest rates not exceeding 6.2 percent for a term up to 40 years (the “Application”); and B. The new Debenture issue will have a term of between 10 and 40 years (plus, if required, additional days to provide for the maturity date to be a business day); and C. The proceeds of the new debenture issue will be used to reduce floating rate debt; and D. The Commission has reviewed the Application along with the supporting material and finds that approval is warranted. NOW THEREFORE pursuant to Section 50(2) of the Act, the Commission: 1. Approves the Application for FortisBC to issue new unsecured debentures in a principal amount of no more than $110 million with interest rates not exceeding 6.2 percent for a term up to 40 years, and a term between 10 and 40 years (plus, if required, additional days to provide for the maturity date to be a business day). 2. Requires FortisBC to advise the Commission of the actual term and pricing following the issuance of the new debentures. DATED at the City of Vancouver, in the Province of British Columbia, this 1 ORDERS/G-61-07-FortisBC-New Unsecured Debentures BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -61-07 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 May 31, 2007 st day of June 2007. BY ORDER Original signed by L.F. Kelsey Commissioner
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