On June 21, 2018, Hydro One Limited announced that its wholly-owned subsidiary, Hydro One Inc. had priced an offering of $1.4 billion of Medium Term Notes (the “Notes”), consisting of $300 million aggregate principal amount of 2.57% Medium Term Notes, Series 39, due 2021, $350 million aggregate principal amount of 2.97% Medium Term Notes, Series 40, due 2025, and $750 million aggregate principal amount of 3.63% Medium Term Notes, Series 41, due 2049. The net proceeds from the issuance of the Notes were approximately $1.394 billion. The Notes were offered on a best efforts basis in each of the provinces of Canada through a syndicate of agents.
The offering of the Notes closed on June 26, 2018.
Hydro One is Ontario's largest electricity transmission and distribution provider with more than 1.3 million customers, over $25 billion in assets and 2017 annual revenues of nearly $6 billion.
Osler, Hoskin & Harcourt LLP represented Hydro One with a team consisting of Michael Innes, Rosalind Hunter, Amelia Miao and Arielle Kaplan (Corporate).