Horizon Holdings Inc. (“Horizon”), the parent company of Horizon Utilities Corporation, which distributes electricity in the cities of Hamilton and St. Catharines, Ontario, issued $150 million principal amount of 3.033 per cent Senior Unsecured Debentures, Series B due July 25, 2022, (the “Debentures”) on a private placement basis.
CIBC World Markets Inc. was the lead agent and bookrunner for the offering and BMO Nesbitt Burns Inc. and Scotia Capital Inc. were also in the syndicate.
The net proceeds of the Debentures were used by Horizon to repay inter-company indeb-tedness owing to Hamilton Utilities Corporation, the majority shareholder of Horizon, due July 30, 2012, and for general corporate purposes.
Borden Ladner Gervais LLP represented Horizon with a team consisting of Linda Bertoldi, Paul Findlay, Gus Karantzoulis, Dyana McLellan and Mark Lau.
Gowling Lafleur Henderson LLP represented the agents with a team consisting of Paul Harricks, Bryce Kraeker, Aubrey Lasky and Michael Misener.