- Hydro One (OTCPK:HRNNF) (TSX:H:CA) announced that its wholly-owned subsidiary, Hydro One Inc, has priced an offering of $800 million of medium term notes consisting of $550 million aggregate principal amount of 4.39% medium term notes, Series 59, due 2034 and the additional offering of $250 million aggregate principal amount of its 3.93% medium term notes, Series 53, due 2029.
- The Series 59 notes will be issued at a price of $99.943 per $100.00 principal amount and the additional Series 53 notes will be issued at a price of $99.162 per $100.00 principal amount plus accrued interest.
- The net proceeds from the issuance of the notes will be approximately $794.5 million.
- The offering of the notes is expected to close on January 12, 2024.
- Pursuant to the closure of the offering, there will be $550 million aggregate principal amount of Series 53 Notes outstanding and $550 million aggregate principal amount of Series 59 Notes outstanding.
- The net proceeds from the sale of the Series 53 and Series 59 Notes may initially be utilized, either partially or entirely, for repayment of indebtedness or investments in bank deposits or other cash equivalents, all in accordance with Hydro One’s internal liquidity management policies.
- While Hydro One intends to dedicate the net proceeds from the sale of the Series 53 Notes to qualifying green and social projects under the established Framework, and the net proceeds from the Series 59 Notes to eligible green projects under the same framework.
