Hydro One Limited Announces Closing of IPO Over-Allotment Option

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 12, 2015 /CNW/ - Hydro One Limited (TSX: H) (the "Company") announced today that the underwriters for the Company's initial public offering have elected to exercise their option to purchase an additional 8,150,000 common shares of the Company from the Province of Ontario (the "Province") at the initial public offering price of $20.50 per share. The sale of the additional common shares was completed today and increases the gross proceeds from the initial public offering by an additional $167 million, resulting in total gross proceeds of $1.83 billion. The Company did not receive any of the proceeds from the offering.

The common shares of the Company are listed on the Toronto Stock Exchange under the symbol "H". Including the additional common shares sold today, the Province sold a total of 89,250,000 common shares pursuant to the initial public offering, representing 15% of the Company's 595,000,000 issued and outstanding common shares. These numbers do not reflect the other transactions contemplated by the Province discussed in the final supplemented PREP prospectus of the Company dated October 29, 2015.

The offering was made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States.

About the Company

The Company is Ontario's largest electrical transmission and distribution utility with approximately $23 billion in assets and 2014 revenues of over $6 billion. The Company's regulated transmission and distribution operations are owned by Hydro One Inc., a wholly-owned subsidiary of the Company.  Hydro One Inc. delivers electricity safely and reliably to over 1.2 million customers across the province of Ontario, and to large industrial customers and municipal utilities.  Hydro One Inc. owns and operates Ontario's approximately 29,000 km high-voltage transmission network and an approximately 122,000 circuit km primary low-voltage distribution network. 

Forward-Looking Information

This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in the Company's and Hydro One Inc.'s filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. The Company and Hydro One Inc. do not intend, and they disclaim any obligation, to update any forward-looking information, except as required by law.

SOURCE Hydro One Inc.

For further information: Investor Relations: Bruce M. Mann, investor.relations@hydroone.com, 416-345-5722; Media Inquiries: Daffyd Roderick, daffyd.roderick@hydroone.com, 416-345-5828

RELATED LINKS
http://www.hydroone.com

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