Hydro One completes $1.54B bought deal offering

News Release

Hydro One Announces Closing of $1.54 Billion Bought Deal Offering of Convertible Debentures Represented by Instalment Receipts


August 9, Toronto – Hydro One Limited (“Hydro One” or the “Company”) (TSX: H) announced today that the Company, through its direct wholly-owned subsidiary, 2587264 Ontario Inc. (the “Selling Debentureholder”), has completed its previously announced sale (the “Offering”) of $1,540,000,000 aggregate principal amount of 4.00% convertible unsecured subordinated debentures of the Company represented by instalment receipts (the “Debentures”), which includes the exercise in full of the over-allotment option granted to the underwriters to purchase an additional $140,000,000 aggregate principal amount of Debentures.

The Offering was underwritten by a syndicate of underwriters co-led by RBC Capital Markets, CIBC Capital Markets and BMO Capital Markets, and including National Bank Financial Inc., Scotiabank, TD Securities Inc., Barclays Capital Canada Inc., Credit Suisse Securities (Canada), Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Laurentian Bank Securities Inc., Raymond James Ltd., Industrial Alliance Securities Inc. and Wells Fargo Securities Canada, Ltd.

The Debentures were sold on an instalment basis at a price of $1,000 per Debenture, of which $333 was payable on the closing of the Offering and the remaining $667 is payable on a date (the “Final Instalment Date”) to be fixed by the Company following satisfaction of all conditions precedent to the closing of Hydro One’s acquisition of Avista Corporation (“Avista”) (NYSE: AVA). The acquisition of Avista is currently anticipated to be completed in the second half of 2018. Prior to the Final Instalment Date, the instalment receipts representing the Debentures will be listed and posted for trading on the Toronto Stock Exchange under the symbol “H.IR”.

About Hydro One

We are Ontario’s largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and annual revenues of over $6.5 billion. Our team of 5,500 skilled and dedicated employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km high-voltage transmission and 123,000 circuit km primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only four utility companies in Canada to achieve the Sustainable Energy Company designation from the Canadian Electrical Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited’s common shares are listed on the Toronto Stock Exchange (TSX: H). For more information about Hydro One, please visit www.HydroOne.com where you can find additional information including links to securities filings, historical financial reports, and information about our governance practices, corporate social responsibility, customer solutions, and further information about our business.

For further information, please contact:
Omar Javed
Director, Investor Relations