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Ontario to issue C$1.7B worth of Hydro One shares

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Ontario to issue C$1.7B worth of Hydro One shares

The province of Ontario has entered an agreement to issue shares on a bought-dealbasis. The underwritten secondary offering of 72,434,800 shares will yield C$1.71billion in gross proceeds at a price of C$23.65 per share, according to an April5 statement.

Following completion, Ontario will hold 427,668,860 shares ofthe company representing 71.9% ownership.

Underwriters, led by RBC Capital Markets and Scotiabank, canpurchase up to an additional 10,865,200 shares within 30 days from the date of close.If the option is exercised, gross proceeds will climb to C$1.97 billion and theprovince of Ontario will end up holding 416,803,660 shares representing 70.1% ownershipin the company.