/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
Net proceeds to repay
and/or prepay maturing long term and short term debt and for
general corporate purposes
TORONTO, Oct. 5, 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$1.2 billion of Medium Term Notes
(the "Notes") consisting of C$600
million aggregate principal amount of 0.71% Medium Term
Notes, Series 48, due 2023, C$400
million aggregate principal amount of 1.69% Medium Term
Notes, Series 49, due 2031 and C$200
million aggregate principal amount issued through a
re-opening of its 2.71% Medium Term Notes, Series 47, due 2050 (the
"Series 47 Notes"). The net proceeds from the issuance of
the Notes (excluding any accrued interest paid to Hydro One Inc. in
connection with the re-opening of the Series 47 Notes) will be
approximately C$1.196 billion. Hydro
One Inc. expects to use the net proceeds of this offering to repay
and/or prepay maturing long term and short term debt and for
general corporate purposes. The offering of the Notes is expected
to close on October 9, 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
April 14, 2020. 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. The pricing supplements and
accompanying base shelf prospectus contain important detailed
information about each series of Notes being offered. Copies of the
pricing supplements relating to each series of Notes and
accompanying base shelf prospectus relating to each series of Notes
may be obtained over the Internet under Hydro One Inc.'s profile at
the Canadian Securities Administrators' website at www.sedar.com.
Investors should read the pricing supplements 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 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 C$27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of
approximately C$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 C$1.7
billion in its transmission and distribution networks and
supported the economy through buying approximately C$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.
SOURCE Hydro One Limited