On April 2, 2019, Hydro One Limited announced that its wholly-owned subsidiary, Hydro One Inc., had priced an offering of $1.5 billion offering of Medium Term Notes, consisting of $700 million aggregate principal amount of 2.54% Medium Term Notes, Series 42, due 2024, $550 million aggregate principal amount of 3.02% Medium Term Notes, Series 43, due 2029 and $250 million aggregate principal amount of 3.64% Medium Term Notes, Series 44, due 2050. The net proceeds from the issuance of the Notes were approximately $1.494 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 April 5, 2019.
Hydro One is Ontario’s largest electricity transmission and distribution provider with almost 1.4 million valued customers, over $25.7 billion in assets and 2018 annual revenues of nearly $6.2 billion.
Osler, Hoskin & Harcourt LLP represented Hydro One with a team consisting of Michael Innes, Rosalind Hunter, Amelia Miao and Blake Binions (Corporate).