Net proceeds to repay and/or prepay maturing long term and short term debt and for general corporate purposes
TORONTO, Sept. 14, 2021 /CNW/ - Hydro One Limited, Ontario's largest electricity transmission and distribution company, today announced that its wholly-owned subsidiary, Hydro One Inc., has priced an offering of $900 million of Medium Term Notes (the "Notes") consisting of $450 million aggregate principal amount of 2.23% Medium Term Notes, Series 50, due 2031 and $450 million aggregate principal amount of 3.10% Medium Term Notes, Series 51, due 2051. The net proceeds from the issuance of the Notes will be approximately $895 million. Hydro One Inc. expects to use the net proceeds of this offering to repay and/or prepay maturing long term and short term debt and for general corporate purposes. The offering of the Notes is expected to close on September 17, 2021.
The Notes are being offered on a best efforts basis in each of the provinces of Canada through a syndicate of agents. The Notes are being offered pursuant to a short form base shelf prospectus of Hydro One Inc. dated April 14, 2020. Hydro One Inc. will be filing pricing supplements to the base shelf prospectus relating to the offering of each series of Notes with the securities regulatory authorities in each of the provinces of Canada. The pricing supplements and accompanying base shelf prospectus contain important detailed information about each series of Notes being offered. Copies of the pricing supplements relating to each series of Notes and accompanying base shelf prospectus relating to each series of Notes may be obtained over the Internet under Hydro One Inc.'s profile at the Canadian Securities Administrators' website at www.sedar.com. Investors should read the pricing supplements and accompanying base shelf prospectus before making an investment decision.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the pricing supplements.
This news release is not an offer for sale within the United States of any debt or other securities of Hydro One Limited or Hydro One Inc. Securities of Hydro One Limited or Hydro One Inc., including any offering of its debt securities, may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws. The offering described in this news release is not being made in the United States and has not been and will not be registered under U.S. securities laws, and accordingly, the Notes may not be offered or delivered, directly or indirectly, or sold in the United States except in certain transactions exempt from the registration requirements under applicable U.S. securities laws.