ST. JOHN'S, N.L. - Fortis Inc. is issuing more than 58 million common shares to holders of convertible debt that was issued to finance part of its US$4.3-billion acqusition of Arizona-based UNS Energy Corp. The Newfoundland-based utility company said Tuesday that the stock represents most of the $1.8 billion in convertible debentures issued to pay for the UNS deal, which was announced last December. Only about $11.2 million of the convertible debt remains outstanding and Fortis will delist its publicly traded installment receipts, which have been a proxy for the debentures' underlying stock.
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