By Cristal Cody
Tupelo, Miss., April 3 – Hydro One Inc. priced an upsized C$1.5 billion three-part offering of medium-term notes (Baa1/A-/DBRS: A) on Tuesday, according to details of the previously reported deal in final term sheets.
Hydro One sold C$700 million of 2.54% five-year notes at 99.972 to yield 2.546% in a tranche upsized from C$500 million.
The company priced C$550 million of 3.02% 10-year notes at 99.974 to yield 3.023%. The offering was upsized from C$250 million.
Hydro One also sold a no-grow C$250 million offering of 3.64% notes due April 5, 2050 at 99.926 to yield 3.644%.
BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds will be used to repay short-term 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.
|
| Amount: | C$1.5 billion
|
| Securities: | Medium-term notes
|
| Bookrunners: | BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Casgrain & Co. Ltd. and Laurentian Bank Securities Inc.
|
| Pricing date: | April 2
|
| Settlement date: | April 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Five-year notes
|
| Amount: | C$700 million
|
| Maturity: | April 5, 2024
|
| Securities: | Series 42 medium-term notes
|
| Coupon: | 2.54%
|
| Price: | 99.972
|
| Yield: | 2.546%
|
| Call features: | Make-whole call before March 5, 2024 at greater of Government of Canada yield plus 24.5 bps and par; thereafter at par
|
|
|
| Ten-year notes
|
| Amount: | C$550 million
|
| Maturity: | April 5, 2029
|
| Securities: | Series 43 medium-term notes
|
| Coupon: | 3.02%
|
| Price: | 99.974
|
| Yield: | 3.023%
|
| Call features: | Make-whole call before Jan. 5, 2029 at greater of Government of Canada yield plus 33.5 bps and par; thereafter at par
|
|
|
| Thirty-one-year notes
|
| Amount: | C$250 million
|
| Maturity: | April 5, 2050
|
| Securities: | Series 44 medium-term notes
|
| Coupon: | 3.64%
|
| Price: | 99.926
|
| Yield: | 3.644%
|
| Call features: | Make-whole call before Oct. 5, 2049 at greater of Government of Canada yield plus 42 bps and par; thereafter at par
|
|
|
© 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.
