On October 20, 2023, Hydro One Inc. closed an offering of C$400 million in Series 57 unsecured Medium-Term Notes, following its announcement on October 16, 2023. The notes mature on October 20, 2025, bear an interest rate of 5.54%, and were issued at 99.991 per C$100 principal amount, providing an offering yield of 5.545%. Net proceeds totaled approximately C$399.16 million, after accounting for agents’ compensation.

The notes were distributed through a syndicate of agents comprising National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., Casgrain & Company Limited, and Laurentian Bank Securities Inc.

Legal counsel to Hydro One was Osler, Hoskin & Harcourt LLP, while Blake, Cassels & Graydon LLP acted for the agents.

Proceeds are intended to finance or refinance Eligible Green Projects under Hydro One’s Sustainable Financing Framework, which aligns with international principles for green, social, and sustainable bonds. Project categories include clean energy, energy efficiency, clean transportation, biodiversity conservation, and climate change adaptation. Hydro One committed to transparent allocation and impact reporting, supported by third-party verification.

This issuance reinforces Hydro One’s commitment to sustainability, with exclusions on any proceeds being allocated to fossil fuel-related activities