CONFIDENTIAL
ORDER NUMBER
G-126-17
IN THE MATTER OF
the Utilities Commission Act, RSBC 1996, Chapter 473
and
FortisBC Energy Inc.
Application for Approval to Issue Medium Term Note Debentures Under a Shelf Prospectus
BEFORE:
D. M. Morton, Commissioner
D. J. Enns, Commissioner
W. M. Everett, Commissioner
H. G. Harowitz, Commissioner
M. Kresivo, Commissioner
B. A. Magnan, Commissioner
R. I. Mason, Commissioner
on August 17, 2017
ORDER
WHEREAS:
A. On August 2, 2017, FortisBC Energy Inc. (FEI) applied to the British Columbia Utilities Commission (Commission) for approval to issue medium term note (MTN) debentures up to an aggregate amount of $650 million (Application), pursuant to section 50(2) of the Utilities Commission Act (UCA);
B. On March 2, 2015, FEI filed with the Commission an application for approval to issue up to an aggregate amount of $1 billion MTN debentures under a shelf prospectus which was approved by Order G-37-15 and expired on April 30, 2017;
C. In the Application, FEI states that the aggregate amount available under the shelf prospectus is expected to substantially satisfy its debt financing requirements over the 25 month period, and will limit the maximum term of any debt issuance to a period not exceeding 40 years;
D. FEI states that it will file with the Commission, the pricing supplement for each series of debt issued within one week of the closing date of the offering;
E. FEI filed the Application as confidential as it contains commercially sensitive information that is consistently treated as confidential by FEI; and
F. The Commission reviewed the Application and considers that approval is warranted.
NOW THEREFORE pursuant to section 50(2) of the Utilities Commission Act the Commission orders as follows:
1. The Commission approves the FEI application to issue up to $650 million MTN debentures under a shelf prospectus from time-to-time, effective from the date of this order, until no later than December 31, 2019.
2. FEI shall file with the Commission within one week of issue, a pricing supplement for each MTN debenture issued.
3. The Commission will hold the Application and this order confidential on the basis that these documents contain commercially sensitive information that is consistently treated as confidential by FEI. This order will not be made public until the earlier of the date of the filing of the final documentation with the Commission as part of the issuance pursuant to directive 2 of this order or December 31, 2019.
DATED at the City of Vancouver, in the Province of British Columbia, this 18th day of August 2017.
BY ORDER
Original signed by:
D. M. Morton
Commissioner