Ontario Electricity Financial Sells Hydro One MTNs

On March 5, 2003, Ontario Electricity Financial Corporation (OEFC), sold $2,091,643,000 aggregate principal amount of medium term notes of Hydro One Inc. pursuant to a shelf prospectus as supplemented by a prospectus dated February 26, 2003. The offering comprised series 1 through 10 notes maturing between January 2004 and August 2007 with interest rates between 3.4 and 6.778 per cent. All the notes were offered for the account of OEFC.

Blair Cowper-Smith, Henry Wiercinski, Michael Valihora, Iain Morton and Frank DeLuca of McCarthy Tétrault LLP represented OEFC. Hydro One was represented by in-house counsel Rod Crown and Cassidy McFarlane, and by Doug Marshall and Katy Waugh of Osler, Hoskin & Harcourt LLP. Tim Unwin, Michael Gans, Erica Young and Cathy Stephen (securities), Ric McIvor (banking), Les Wong (regulatory) and Ron Richler (tax) of Blake, Cassels & Graydon LLP represented the underwriting syndicate comprised of BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.