Published on 1/17/2019 in the Prospect News Agency DailyProspect News Canadian Bonds Daily, Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Ontario Power sells C$500 million 30-year green bonds to yield 4.248%
By Cristal Cody
Tupelo, Miss., Jan. 17 – Ontario Power Generation Inc. priced C$500 million of 30-year medium-term notes (BBB+//DBRS: A) at par to yield 4.248% in a green bond offering on Wednesday, according to a final term sheet.
CIBC World Markets Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds will be used to finance or refinance new and/or existing eligible renewable green projects.
Ontario Power Generation is an Ontario government-owned electricity provider based in Toronto.
| Issuer: | Ontario Power Generation Inc.
|
| Amount: | C$500 million
|
| Maturity: | Jan. 18, 2049
|
| Securities: | Series 3 medium-term notes
|
| Bookrunners: | CIBC World Markets Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc.
|
| Coupon: | 4.248%
|
| Price: | Par
|
| Yield: | 4.248%
|
| Call features: | Make-whole call before July 18, 2048 at price equal to greater of par and Canada yield price plus 50.5 bps; thereafter at par
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 18
|
| Ratings: | S&P: BBB+
|
| DBRS: A
|
| Distribution: | Canada
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