Newfoundland Power announces closing of $75 million bond issue

ST. JOHN'S, NL, April 27, 2022 /CNW/ - Newfoundland Power Inc. announced today the closing of $75 million, 4.198 per cent First Mortgage Sinking Fund Bonds, due April 27, 2052. 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, to redeem maturing first mortgage bonds, and for general corporate purposes.

Newfoundland Power Inc (CNW Group/Newfoundland Power Inc.)

Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador. With a customer base of approximately 273,000 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]