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Hydro One Inc. Prices Offering of $425 Million Medium Term Notes under Sustainable Financing Framework
Hydro One Inc. Prices Offering of $425 Million Medium Term Notes under Sustainable Financing Fram...
About this update from Hydro One Limited
[{"type":"text","content":"\n \n \n \n Hydro One Inc. Prices Offering of $425 Million Medium Term Notes under Sustainable Financing Framework\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 18, 2023\n \n \n /CNW/ - Hydro One Limited,\n \n Ontario's\n \n largest electricity transmission and distribution company, today announced that its wholly-owned subsidiary, Hydro One Inc. (together with Hydro One Limited, \"\n \n Hydro One\n \n \"), has priced an offering of\n \n $425 million\n \n aggregate principal amount of Floating Rate Medium Term Notes, Series 56, due 2026 (the \"\n \n Notes\n \n \"). The Notes bear interest at Daily Compounded CORRA plus 0.50%, payable quarterly in arrears.  The net proceeds from the issuance of the Notes will be approximately\n \n $424 million\n \n . The offering of the Notes is expected to close on September 21, 2023.\n \n \n The offering of Notes represents Hydro One's second issuance of medium term notes pursuant to its Sustainable Financing Framework (the \"\n \n Framework\n \n \") dated\n \n January 23, 2023\n \n and Hydro One's inaugural issuance of green bonds under the Framework. The offering of Notes is also the first issuance of green floating rate notes by a corporate issuer in\n \n Canada\n \n . Hydro One Inc. intends to allocate an amount equal to the net proceeds from the sale of the Notes to finance and/or refinance, in whole or in part, new and/or existing eligible green projects that meet the eligibility criteria described in the Framework. Prior to such allocation, the net proceeds may be initially used, in part or in full, for repayment of indebtedness or investments in bank deposits or other cash equivalents, in each case in accordance with Hydro One's internal liquidity management policies. Although Hydro One Inc. intends to allocate an amount equal to the net proceeds from the sale of the Notes to eligible green projects under the Framework, ...