Chicago, July 15 – Ontario Power Generation Inc. sold C$300 million of 4.922% medium-term notes with a 10-year tenor (A3/BBB+/DBRS: A, low) at par on Thursday, according to a final term sheet.
The notes can be redeemed at any time before April 19, 2032 with a make-whole premium based on the Canada yield plus 44 basis points. After that date, they can be freely called at par.
The sale was led by bookrunners BMO Nesbitt Burns Inc. and CIBC World Markets Inc.
RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Mizuho Securities Canada Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., MUFG Securities (Canada) Ltd., Goldman Sachs Canada Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc. were also part of the syndicate.
Proceeds will be used to finance or refinance new or existing eligible projects as defined by the issuer’s green bond framework.
Ontario Power Generation is an Ontario government-owned electricity provider based in Toronto.
| Issuer: | Ontario Power Generation Inc.
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| Amount: | C$300 million
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| Maturity: | July 19, 2032
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| Securities: | Series 10 medium-term notes
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| Bookrunners: | BMO Nesbitt Burns Inc. and CIBC World Markets Inc.
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| Co-managers: | RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Mizuho Securities Canada Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., MUFG Securities (Canada) Ltd., Goldman Sachs Canada Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc.
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| Coupon: | 4.922%
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| Price: | Par
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| Yield: | 4.922%
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| Call features: | Make-whole call before April 19, 2032 at price equal to greater of par and Canada yield price plus 44 bps; thereafter at par
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| Pricing date: | July 14
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| Settlement date: | July 18
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| Ratings: | Moody’s: A3
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| S&P: BBB+
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| DBRS: A
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| Distribution: | Canada
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