Hydro One prices notes of $1.1-billion offering

Mr. Wassem Khalil reports HYDRO ONE INC. PRICES OFFERING OF $1.1 BILLION MEDIUM TERM NOTES UNDER SUSTAINABLE FINANCING FRAMEWORK Hydro One Ltd.'s wholly owned subsidiary, Hydro One Inc., has priced an offering of $1.1-billion of medium-term notes consisting of $450-million aggregate principal amount of 3.94 per cent medium-term notes, Series 61, due 2032, $300-million aggregate principal amount of 4.30 per cent medium-term notes, Series 62, due 2035, and $350-million aggregate principal amount of 4.95 per cent medium-term notes, Series 63, due 2055. The Series 61 notes will be issued at a price of $99.988 per $100 principal amount, the Series 62 notes will be issued at a price of $99.928 per $100 principal amount and the Series 63 notes will be issued at a price of $99.907 per $100 principal amount. The net proceeds from the issuance of the notes will be approximately $1.1-billion. The offering of the notes is expected to close on Aug. 25, 2025. The offering of notes represents the issuance of medium-term notes pursuant to Hydro One's sustainable financing framework dated Aug. 13, 2024. Hydro One intends to allocate an amount equal to the net proceeds from the sale of the notes to finance and/or refinance, in whole or in part, new and/or existing eligible green projects that meet the eligibility criteria described in the 2024 framework. Prior to such allocation, the net proceeds from the issuance of the notes may be initially used, in part or in full, for repayment of indebtedness or investments in bank deposits or other cash equivalents, in each case in accordance with Hydro One's internal liquidity management policies. Although Hydro One intends to allocate an amount equal to the net proceeds from the sale of the notes to eligible green projects under the 2024 framework, it will not be an event of default under the trust indenture governing the notes if the company fails to do so. The notes are being offered on a best effort basis in each of the provinces of Canada through a syndicate of agents. Hydro One has also appointed Cedar Leaf Capital Inc. as an additional agent in respect of the offering of the notes. The syndicate of agents for this offering of notes is BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., Casgrain & Company Ltd., Laurentian Bank Securities Inc., and Cedar Leaf Capital. The notes are being offered pursuant to a short form base shelf prospectus of Hydro One dated Feb. 28, 2024. Hydro One will be filing pricing supplements to the base shelf prospectus relating to the offering of each series of notes with the securities regulatory authorities in each of the provinces of Canada. The pricing supplements and accompanying base shelf prospectus contain important detailed information about each series of notes being offered. Copies of the pricing supplements relating to each series of notes and the accompanying base shelf prospectus relating to each series of notes may be obtained over the Internet under Hydro One's profile at the Canadian Securities Administrators' website at SEDAR+. Investors should read the pricing supplements and accompanying base shelf prospectus before making an investment decision. About Hydro One Ltd. Hydro One, through its wholly owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with 1.5 million valued customers, $36.7-billion in assets as at Dec. 31, 2024, and annual revenues in 2024 of $8.5-billion. Its team of 10,100 skilled and dedicated employees proudly builds and maintains a safe and reliable electricity system, which is essential to supporting strong and successful communities. In 2024, Hydro One invested $3.1-billion in its transmission and distribution networks, and supported the economy through buying $2.9-billion of goods and services. It is committed to the communities where it lives and works through community investment, sustainability and diversity initiatives. Hydro One's common shares are listed on the Toronto Stock Exchange, and certain of Hydro One's medium-term notes are listed on the New York Stock Exchange. We seek Safe Harbor.