November 05, 2015
Torys represented the Province of Ontario as the selling shareholder, with a team that included Sharon Geraghty, Glen Johnson, Aaron Emes, Konata Lake, Leah Frank, Miranda Callaghan, Addie Buhr, Jordan Fenton, Henry Ren, Min Kim, Brian Unger and Caitlin Morin (corporate/securities), Andy Beck (U.S. securities), Charles Keizer and Jonathan Myers (energy regulatory), Jerald Wortsman (tax), Dick Balfour (governance), Bill Estey (research), Amanda Balasubramanian and Nina Mansoori (lending), David Steele (trust), Don Roger and Sarah Crowe (real estate).
On November 5, 2015, Hydro One Limited (Hydro One) announced the closing of the secondary offering of 81,100,000 common shares of Hydro One by the Province of Ontario at a price of C$20.50 per common share, for total gross proceeds to the Province of C$1.66 billion.
The shares, now listed on the Toronto Stock Exchange under the symbol “H”, were offered through a syndicate of underwriters led by RBC Capital Markets and Scotiabank. Pursuant to the underwriting agreement, signed October 29, 2015, the Province granted the underwriters an over-allotment option to purchase up to an additional 8,150,000 common shares at the offering price. The option was exercised in full as of November 12, 2015. The total gross proceeds of the offering were approximately C$1.83 billion.
Prior to the closing of the offering, Hydro One acquired all of the issued and outstanding shares of Hydro One Inc., which is now a wholly-owned subsidiary of Hydro One.
Hydro One is Ontario’s largest electrical transmission and distribution utility with approximately C$23 billion in assets and 2014 revenues of over C$6 billion.