trending Market Intelligence /marketintelligence/en/news-insights/trending/Lm4zmAgeV0RD7nbCicuEiw2 content esgSubNav
In This List

Hydro One unit completes sale of debentures to fund Avista acquisition

Blog

Activity Volumes Across the Equity Capital Markets Dropped Significantly in 2022

Blog

Insight Weekly: PE firms shift strategies; bank earnings kick off; bankruptcies plummet

Case Study

A Large Energy Company Manages its Exposure with Robust Tools to Assess Creditworthiness and Set Credit Limits

Blog

Insight Weekly: Stocks limp into 2023; GCC banks set for rebound; deep-sea mining faces pushback


Hydro One unit completes sale of debentures to fund Avista acquisition

Hydro One Ltd. subsidiary Ontario Inc. has completed the sale of C$1.54 billion of its 4% convertible unsecured subordinated debentures due Sept. 30, 2027, according to an Aug. 9 release.

Hydro One will use the sale proceeds of approximately C$909.3 million to fund the company's previously announced acquisition of Avista Corp. The remaining C$441.7 million of the proceeds will be used to repay debts under Hydro One's or its subsidiaries' existing revolving credit facilities, to finance short-term interest-bearing U.S. dollar securities and for other general corporate purposes.

The syndicate of underwriters was co-led by RBC Capital Markets, CIBC Capital Markets and BMO Capital Markets.

The underwriters have used the overallotment option to purchase an additional C$140 million of debentures to cover any overallotments.