New Issue: Ontario Power sells C$400 million of 1.17% notes due 2026 at par

By Cristal Cody

Tupelo, Miss., Oct. 15 – Ontario Power Generation Inc. priced C$400 million of medium-term notes due April 22, 2026 (A3/BBB+//DBRS: A) at par to yield 1.17% on Wednesday, according to a final term sheet.

CIBC World Markets Inc. and RBC Dominion Securities Inc. were the bookrunners.

Proceeds will be used for debt repayment, working capital requirements and general corporate purposes.

Ontario Power Generation is an Ontario government-owned electricity provider based in Toronto.

Issuer:	Ontario Power Generation Inc.
Amount:	C$400 million
Maturity:	April 22, 2026
Securities:	Series 8 medium-term notes
Bookrunners:	CIBC World Markets Inc. and RBC Dominion Securities Inc.
Co-managers:	Mizuho Securities Canada Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., MUFG Securities (Canada) Inc., Goldman Sachs Canada Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc.
Coupon:	1.17%
Price:	Par
Yield:	1.17%
Call features:	Make-whole call before March 22, 2026 at price equal to greater of par and Canada yield price plus 20.5 bps; thereafter at par
Pricing date:	Oct. 14
Settlement date:	Oct. 22
Ratings:	Moody’s: A3
	S&P: BBB+
	DBRS: A
Distribution:	Canada

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