Toronto Hydro Corporation completes public offering of $200 million aggregate principal amount of senior unsecured debentures (Series 10)

This press release may not be published, distributed or transmitted in or into the United States or over United States wire or news services.

TORONTO, Sept. 16, 2014 /CNW/ - Toronto Hydro Corporation (the Corporation) announced today that it has completed its public offering of $200 million principal amount of senior unsecured debentures that come due in 2044 (Series 10) that will bear interest at the rate of 4.08% per year.

The Series 10 Debentures were sold on an agency basis under the Corporation's MTN program through a syndicate (the Syndicate) co-led by TD Securities Inc. and BMO Nesbitt Burns Inc. The Syndicate also includes CIBC World Markets Inc., RBC Dominion Securities Inc. and National Bank Financial Inc.

The net proceeds from the sale of the Series 10 Debentures will be used to repay certain existing indebtedness of the Corporation and for general corporate purposes.

Norton Rose Fulbright Canada LLP acted as counsel for the Corporation and Blake, Cassels & Graydon LLP acted as counsel for the Syndicate.

The Series 10 Debentures have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act. This news release does not constitute an offer to sell or a solicitation to buy the Series 10 Debentures in the United States.

About Toronto Hydro Corporation

The Corporation is a holding company which wholly-owns two subsidiaries:

• Toronto Hydro-Electric System Limited (LDC) – which distributes electricity and engages in Conservation and Demand Management activities; and
• Toronto Hydro Energy Services Inc. – which provides street lighting services.

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates $2.8 billion of capital assets comprised primarily of an electricity distribution system that delivers electricity to approximately 734,000 customers located in the City of Toronto. LDC is the largest municipal electricity distribution company in Canada and distributes approximately 18% of the electricity consumed in the Province of Ontario.

Caution Regarding Forward-Looking Information

This news release contains forward-looking statements, including the proposed use of proceeds, that are based on certain assumptions and reflect the Corporation's current expectations. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of the material factors that could cause actual results to differ materially from current expectations are discussed in materials filed by the Corporation from time to time with the securities regulatory authorities. The Corporation does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Toronto Hydro Corporation

Chris Tyrrell, Executive Vice-President and Chief Customer Care and Conservation Officer, 416-542-3143, [email protected]; JS Couillard, Executive Vice-President and Chief Financial Officer, 416-542-3166, [email protected]