Newfoundland Power announces closing of $100 million bond issue

ST. JOHN'S, April 20, 2020 /CNW/ - Newfoundland Power Inc. announced today the closing of $100 million, 3.608 per cent First Mortgage Sinking Fund Bonds, due April 20, 2060. 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.

Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 269,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power's programs, services and community partnerships, please visit newfoundlandpower.com.

SOURCE Newfoundland Power Inc.

Paige London, Vice President, Finance & Chief Financial Officer, Phone: [phone]

Related Links

https://www.newfoundlandpower.com/