Hydro One closes secondary offering of common shares by the Province of Ontario

On April 14, 2016, Hydro One Limited ("Hydro One") closed the previously announced secondary offering of common shares of Hydro One by the Province of Ontario (the "Province"), for total gross proceeds to the Province of approximately C$1.97 billion. Pursuant to the offering, underwritten on a bought deal basis by a syndicate of underwriters led by RBC Capital Markets and Scotiabank, the Province sold 83,300,000 common shares (including 10,865,200 common shares on April 29, 2016, pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of C$23.65 per common share.

Following the completion of the offering, the Province continues to directly own 416,803,660 common shares, representing approximately 70.1% of Hydro One's total issued and outstanding common shares.

Hydro One is Ontario's largest electrical transmission and distribution company with approximately C$24.3 billion in assets and 2015 revenues of over C$6.5 billion.

Further information can be found on the Province's website, as well as newswire.ca.