Hydro One Limited

Hydro One in the $1.4 billion bought deal offering

Client

Hydro One Limited

Value

$1.4 billion

Service

Capital Markets

Date Closed

August 2017

Industry

Energy (Electrical Power)

Lead Office

Toronto

On August 9, 2017, Hydro One Limited (“Hydro One”) announced that its direct wholly-owned subsidiary, 2582764 Ontario Inc., completed its agreement to sell to a syndicate of underwriters (the “Underwriters”) $1.4 billion aggregate principal amount of 4.00% convertible unsecured subordinated debentures of Hydro One on a bought deal basis (the “Offering”). The Underwriters were co-led by RBC Capital Markets, CIBC Capital Markets, and BMO Capital Markets.

Hydro One is Ontario’s largest electricity transmission and distribution company, with distribution covering approximately 75% of the province. It is headquartered in Toronto, Ontario.

Osler Hoskin & Harcourt LLP acted as counsel to the issuer with a team consisting of Steven Smith, Michael Innes, Rosalind Hunter, James Brown, Jay Greenspoon, Lauren Lefcoe, Blake Binions, Arielle Kaplan, (Corporate), Firoz Ahmed, Drew Morier and David Davachi (Tax).