On October 2, 2017, Ontario Power Generation Inc. (OPG) completed its offering of $500,000,000 principal amount of 3.315-per-cent Medium-Term Notes Due October 4, 2027 (Series 1). This was OPG’s first offering under its medium-term note program, established pursuant to its short form base shelf prospectus dated September 12, 2017. Under the terms of the program, OPG may issue up to $2 billion aggregate principal amount of medium-term notes during the 25 month period that commenced on September 12, 2017.
The offering was made through a syndicate of dealers led by BMO Capital Markets and TD Securities and including Goldman Sachs Canada Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Laurentian Bank Securities Inc.
The net proceeds of the offering will be used for general corporate purposes and to finance a portion of OPG’s debt investment in the Fair Hydro Financing Entity.
OPG was represented in-house by Leslie Wong and Tyler McAuley, and by Torys LLP, with a team that included Krista Hill, Glen Johnson, David Forrester and Laura Sigurdson (corporate/securities), Adam Delean (financial services) and Jerald Wortsman and Richard Johnson (tax).
The dealers were represented by Blake, Cassels & Graydon LLP, with a team that included Ken Pearce, John Wilkin and Jeremy Ozier (corporate/securities), Ian Binnie (financial services) and Edward Miller and Josh Jones (tax).