(RTTNews) – Hydro One Limited (H.TO) announced that its wholly-owned subsidiary, Hydro One Inc., has priced an offering of C$1.6 billion of Medium Term Notes.
The Notes consist of C$1.2 billion aggregate principal amount of 3.90% Medium Term Notes, Series 64, due 2033 and C$400 million aggregate principal amount of 4.80% Medium Term Notes, Series 65, due 2056. The Series 64 Notes will be issued at a price of C$99.939 per C$100.00 principal amount and the Series 65 Notes will be issued at a price of C$99.888 per C$100.00 principal amount. The net proceeds from the issuance of the Notes will be approximately $1.59 billion.
The offering of the Notes is expected to close on November 21, 2025.
The offering of Notes represents the issuance of medium term notes pursuant to Hydro One’s Sustainable Financing Framework dated August 13, 2024.
Hydro One Inc. intends to allocate an amount equal to the net proceeds from the sale of the 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 2024 Framework. Prior to such allocation, the net proceeds from the issuance of the Notes 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.
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