Hydro Ottawa completes financing, debt to equity conversion and credit facility

Date Closed: 2/09/2005

Value: $200 million

On February 9, 2005, Hydro Ottawa Holding Inc. completed its initial capital markets offering of debt securities, selling $200 million of senior unsecured debentures in a cross-Canada offering. The issuance of the debentures was the final step in a refinancing designed to replace promissory notes owed to the City of Ottawa bearing an above-market, regulated, interest rate with long term capital markets debt.

The underwriters were represented by BLG with a team that included Paul Findlay, Adam Segal and Andrew Peel (corporate/securities), and Linda Bertoldi, James Sidlofsky and Shannon Webber (corporate/energy) in Toronto, and Lisa Dwyer Hurteau in Ottawa.