Hydro One Inc.

Hydro One Inc. in its $1.2 billion offering of Medium Term Notes

Client

Hydro One Inc.

Value

$1.2 billion

Service

Capital Markets

Date Closed

October 2020

Industry

Energy (Electrical Power)

Lead Office

Toronto

 

On October 9, 2020, Hydro One Inc., a wholly owned subsidiary or Hydro One Limited, completed its previously announced $1.2 billion multi-tranche offering of Medium Term Notes. The offering consisted of $600 million aggregate principal amount of 0.71% Medium Term Notes due 2023, $400 million aggregate principal amount of 1.69% Medium Term Notes due 2031 and $200 million aggregate principal amount issued through a re-opening of 2.71% Medium Term Notes due 2050. The Notes were offered on a best efforts basis in each of the provinces of Canada through a syndicate of agents. The proceeds from the offering will be used to repay and/or prepay maturing long term and short term debt as well as for general corporate purposes.

Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with over 1.4 million customers and approximately $27.1 billion in assets at December 31, 2019.

Osler, Hoskin & Harcourt LLP advised Hydro One with a team consisting of Michael Innes, Amelia Miao and Adriano Lepore (Corporate) and David Davachi (Taxation).