Published on 6/21/2018 in the Prospect News Agency DailyProspect News Canadian Bonds Daily, Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Ontario Power sells C$450 million 30-year notes at par to yield 3.838%
By Cristal Cody
Tupelo, Miss., June 21 – Ontario Power Generation Inc. priced C$450 million of 30-year medium-term notes (BBB+//DBRS: A) at par to yield 3.838% in a green bond offering on Wednesday, according to a term sheet.
BMO Nesbitt Burns Inc. and TD Securities Inc. were the bookrunners.
Proceeds will be used to finance or refinance new and/or existing eligible green projects in renewable energy and energy efficiency and management categories.
Ontario Power Generation is an Ontario government-owned electricity provider based in Toronto.
Issuer: | Ontario Power Generation Inc.
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Amount: | C$450 million
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Maturity: | June 22, 2048
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Securities: | Series 2 medium-term notes
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Bookrunners: | BMO Nesbitt Burns Inc. and TD Securities Inc.
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Co-managers: | Goldman Sachs Canada Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc.
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Coupon: | 3.838%
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Price: | Par
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Yield: | 3.838%
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Call features: | Make-whole call before Dec. 22, 2047 at greater of Canada yield plus 40 bps and par; thereafter at par
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Pricing date: | June 20
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Settlement date: | June 22
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Ratings: | S&P: BBB+
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| DBRS: A
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Distribution: | Canada
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