By Cristal Cody
Tupelo, Miss., Nov. 9 – Toronto Hydro Corp. priced C$200 million of 3.485% series 13 senior debentures due Feb. 28, 2048 (A//DBRS: A) on Thursday at 99.929 to yield 3.489%, according to a company press release and term sheet.
RBC Dominion Securities Inc. and CIBC World Markets Inc. were the bookrunners.
The deal marks the lowest coupon rate for Toronto Hydro’s long-dated debentures, the company said.
Proceeds from the offering will be used to repay certain existing debt and for general corporate purposes.
Toronto-Hydro is a holding company that owns subsidiaries Toronto Hydro-Electric System Ltd. and Toronto Hydro Energy Services Inc.
| Issuer: | Toronto Hydro Corp.
|
| Amount: | C$200 million
|
| Description: | Senior debentures
|
| Maturity: | Feb. 28, 2048
|
| Bookrunners: | RBC Dominion Securities Inc. and CIBC World Markets Inc.
|
| Co-managers: | TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and Scotia Capital Inc.
|
| Coupon: | 3.485%
|
| Price: | 99.929
|
| Yield: | 3.489%
|
| Call features: | Before Aug. 28, 2047 at price equal to grater of Canada yield plus 30 bps and par; thereafter at par
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 14
|
| Ratings: | S&P: A
|
| DBRS: A
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
