By Devika Patel
Knoxville, Tenn., Oct. 6 – Hydro One Inc. priced a C$1.2 billion private placement of medium-term notes (Baa1/A-/DBRS: A) in three tranches on Monday, including an add-on to its 2.71% notes due 2050, according to a news release.
The notes are being offered on a best-efforts basis in each of the provinces of Canada through a syndicate of agents.
Hydro One priced C$600 million of 0.71% series 48 notes due 2023, C$400 million of 1.69% series 49 notes due 2031 and C$200 million of 2.71% series 47 notes due 2050.
The company previously sold C$300 million of 2.71% notes in a sale that priced on Feb. 25 and settled on Feb. 28. The notes were sold at 99.918 to yield 2.714%.
Proceeds from the latest sale will be used to repay debt and for general corporate purposes.
Hydro One is a subsidiary of Toronto-based electricity transmission and distribution company Hydro One Ltd.
Issuer: | Hydro One Inc.
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Amount: | C$1.2 billion
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Securities: | Medium-term notes
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Pricing date: | Oct. 5
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Settlement date: | Oct. 9
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Distribution: | Canada private placement
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Three-year notes
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Amount: | C$600 million
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Maturity: | 2023
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Securities: | Series 48 medium-term notes
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Coupon: | 0.71%
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11-year notes
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Amount: | C$400 million
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Maturity: | 2031
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Securities: | Series 49 medium-term notes
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Coupon: | 1.69%
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Thirty-year notes
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Amount: | C$200 million reopening
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Maturity: | 2050
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Securities: | Series 47 medium-term notes
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Coupon: | 2.71%
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Total outstanding: | C$500 million, including C$300 million sold at 99.918 to yield 2.714% on Feb. 28
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