Net proceeds to repay maturing
long term and short term debt and for general corporate
purposes
TORONTO, Feb. 25, 2020 /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
C$1.1 billion of Medium Term Notes
(the "Notes") consisting of C$400
million aggregate principal amount of 1.76% Medium Term
Notes, Series 45, due 2025, C$400
million aggregate principal amount of 2.16% Medium Term
Notes, Series 46, due 2030 and C$300
million aggregate principal amount of 2.71% Medium Term
Notes, Series 47, due 2050. The net proceeds from the issuance of
the Notes will be approximately C$1.095
billion. Hydro One Inc. expects to use the net proceeds of
this offering to repay maturing long term and short term debt and
for general corporate purposes. The offering of the Notes is
expected to close on February 28,
2020.
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
March 8, 2018. 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.
Copies of the pricing supplements and accompanying base shelf
prospectus may be obtained over the Internet under Hydro One Inc.'s
profile at the Canadian Securities Administrators' website at
www.sedar.com.
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 Canadian 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.
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario's largest electricity
transmission and distribution provider with approximately 1.4
million valued customers, approximately $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of
approximately $6.5 billion.
Our team of approximately 8,800 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2019, Hydro One invested approximately $1.7 billion in its transmission and distribution
networks and supported the economy through buying approximately
$1.5 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 Company
by the Canadian Electricity Association.
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.sedar.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 the net proceeds of the offering. 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.sedar.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.
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SOURCE Hydro One Inc.