Hydro One Limited

Hydro One Limited in its $1.97 billion secondary offering of common shares

Client

Hydro One Limited

Value

$1.97 billion

Service

Capital Markets

Date Closed

April 2016

Industry

Energy (Electrical Power)

Lead Office

Toronto

 

On April 14, 2016, Hydro One Limited completed a secondary offering of 72,434,800 of its common shares (“Common Shares”) by the Province of Ontario at a price of $23.65 per Common Share. An additional 10,865,200 Common Shares were sold on April 29, 2016 upon exercise of the over-allotment option granted in connection with the offering (the “Offering”) bringing total gross proceeds to the Province of approximately $1.97 billion. Following completion of the Offering, the Province continues to directly own 416,803,660 Common Shares, representing approximately 70.1% of Hydro One Limited's total issued and outstanding Common Shares.

The Offering was made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank.

Hydro One Limited was represented by Osler with a team that included Michael Innes, Rosalind Hunter, Amelia Miao and Lauren Lefcoe (Corporate), Rob Lando and Matthew Sadofsky (Corporate, New York) and Amanda Heale (Tax).