Toronto Hydro Completes IPO

On May 7, 2003, Toronto Hydro Corporation completed an initial public offering of $225 million 6.11 per cent senior unsecured debentures due 2013. The syndicate of underwriters was led by RBC Dominion Securities Inc., and included CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and TD Securities Inc.

Concurrently with the closing of the debenture offering, Toronto Hydro refinanced its outstanding short-term credit facilities under a new $500 million short-term facility with CIBC acting as the administrative agent and lead arranger for the lending syndicate.

Toronto Hydro was represented by McMillan Binch LLP, acting under the direction of in-house counsel Lawrence Wilde, vice-president, general counsel and secretary and Greta Fung, solicitor. The McMillan Binch team was led by Robert McDermott and Sean Farrell, and included Bill Woloshyn, Rob Scavone, Michael Ward, Mark Adams and Shendra Matijasich (corporate financial), Mary-Ann Haney and Mark Lobsinger (tax), Heather Douglas (corporate finance and municipal), Michael Peterson (environmental)and Don Waters.

A team led by Jeffrey Roy (securities) and Erik Goldsilver (corporate) of Cassels Brock & Blackwell LLP acted for the city of Toronto under the direction of in-house counsel James Anderson, director, municipal, and Lorraine Searles-Kelly.

Blake, Cassels & Graydon LLP acted for the underwriters, with a team led by Ken Pearce and Steve Ashbourne and included Les Wong, Chris Javornik, Tim Bermingham, Ron Richler, Ted Perlmutter, Robert Fishlock, Jeremy Forgie, Caroline Helbronner, Lee Shouldice, Jason Beeho and Iris Tam. Joel Scoler of McCarthy Tétrault LLP acted for CIBC, as agent, and for the lending syndicate.