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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.