TORONTO, Dec. 7, 2023
/CNW/ - Hydro One Limited, Ontario's largest electricity transmission and
distribution company, today announced that its wholly-owned
subsidiary, Hydro One Inc. (together with Hydro One Limited,
"Hydro One"), has priced an additional offering of
$100 million aggregate principal
amount of its 4.85% Medium Term Notes, Series 58, due 2054 (the
"Notes"). The additional Notes will be issued at a price of
$104.864 plus accrued interest. The
net proceeds from the issuance of the additional Notes (excluding
any accrued interest paid to Hydro One Inc. in connection with the
re-opening of Notes) will be approximately $104 million. The offering of the additional
Notes is expected to close on December 12,
2023. Upon completion of the offering of the additional
Notes, there will be $500 million
aggregate principal amount of Notes outstanding.
The offering of additional Notes represents an additional
issuance of medium term notes pursuant to Hydro One's Sustainable
Financing Framework (the "Framework") dated January 23, 2023. Hydro One Inc. intends to
allocate an amount equal to the net proceeds from the sale of the
additional Notes to finance and/or refinance, in whole or in part,
new and/or existing eligible green projects that meet the
eligibility criteria described in the Framework. Prior to such
allocation, the net proceeds may be initially used, in part or in
full, for repayment of indebtedness or investments in bank deposits
or other cash equivalents, in each case in accordance with Hydro
One's internal liquidity management policies. Although Hydro One
Inc. intends to allocate an amount equal to the net proceeds from
the sale of the additional Notes to eligible green projects under
the Framework, it will not be an event of default under the trust
indenture governing the applicable Notes if the company fails to do
so.
The additional Notes are being offered on a best efforts basis
in each of the provinces of Canada
through a syndicate of agents. The additional Notes are being
offered pursuant to a short form base shelf prospectus of Hydro One
Inc. dated June 3, 2022. Hydro One
Inc. will be filing a pricing supplement to the base shelf
prospectus relating to the offering of the additional Notes with
the securities regulatory authorities in each of the provinces of
Canada. The pricing supplement and
accompanying base shelf prospectus contain important detailed
information about the additional Notes being offered. A copy of the
pricing supplement and the accompanying base shelf prospectus
relating to the additional Notes may be obtained over the Internet
under Hydro One Inc.'s profile at the Canadian Securities
Administrators' website at www.sedarplus.com. Investors should
read the pricing supplement 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 additional 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 supplement.
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 additional 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.
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario's largest electricity
transmission and distribution provider with approximately
1.5 million valued customers, approximately
$31.5 billion in
assets as at December 31, 2022, and annual
revenues in 2022 of approximately $7.8 billion. Our team of
approximately 9,300 skilled and dedicated employees proudly build
and maintain a safe and reliable electricity system which is
essential to supporting strong and successful communities. In 2022,
Hydro One invested approximately $2.1 billion in its
transmission and distribution networks, and supported the economy
through buying approximately $1.9 billion of goods and
services. We are committed to the communities where we live and
work through community investment, sustainability and diversity
initiatives. We are designated as a Sustainable Electricity Leader™
by Electricity Canada. Hydro One Limited's common shares are listed
on the TSX and certain of Hydro One Inc.'s medium term notes are
listed on the NYSE. Additional information can be accessed at
www.HydroOne.com, www.sedarplus.com or www.sec.gov.
Caution Concerning Forward Looking Statements, Risks and
Assumptions:
This news release includes "forward looking information" within
the meaning of applicable securities laws. The forward-looking
information in this news release includes, without limitation,
expectations regarding the timing of the closing of the offering
and the anticipated use of an amount equal to the net proceeds of
the offering towards financing and/or refinancing new or existing
eligible green projects under the Framework. We caution that all
forward looking information is inherently subject to change and
uncertainty and that actual results may differ materially from
those expressed or implied by the forward looking information. A
number of risks, uncertainties and other factors could cause actual
results and events to differ materially from those expressed or
implied in the forward looking information or could cause our
current objectives, strategies and intentions to change, and many
of these factors are beyond our control and current expectation or
knowledge. These statements are not guarantees of future
performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One Limited's and Hydro One Inc.'s filings with the securities
regulatory authorities in Canada,
which are available on SEDAR+ at www.sedarplus.com. Hydro One
Limited and Hydro One Inc. do not intend, and they disclaim any
obligation, to update any forward-looking information, except as
required by law.
SOURCE Hydro One Limited