By Cristal Cody
Prospect News, June 20 – Hydro One Inc. priced a C$53 million add-on to its floating-rate medium-term notes due March 21, 2019 at 100.046 to yield the Canadian Dealer Offered Rate plus 34 basis points, according to a term sheet.
HSBC Securities (Canada) Inc., National Bank Financial Inc. and RBC Dominion Securities Inc. were the bookrunners.
Hydro One originally priced the notes (A1/A+/DBRS: A) on March 14 in a C$125 million offering at par to yield CDOR plus 35 bps. The issue was reopened on May 9 in a C$50 million add-on that priced at 100.048 to yield CDOR plus 34 bps.
The total outstanding is C$228 million.
The Toronto-based electric utility plans to use the proceeds for general corporate purposes.
Issuer: | Hydro One Inc.
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Amount: | C$53 million reopening
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Maturity: | March 21, 2019
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Securities: | Floating-rate medium-term notes
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Bookrunners: | HSBC Securities (Canada) Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.
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Co-managers: | BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Scotia Capital Inc. and TD Securities Inc.
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Coupon: | CDOR plus 35 bps
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Price: | 100.046
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Yield: | CDOR plus 34 bps
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Call feature: | None
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Pricing date: | June 19
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Settlement date: | June 24
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Ratings: | Moody’s: A1
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| Standard & Poor’s: A+
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| DBRS: A
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Distribution: | Canada
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Total outstanding: | C$228 million
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