Toronto Hydro completes public offering of $200 million principal amount of
5.54% Senior Unsecured Debentures due 2040 (Series 6)

/THIS PRESS RELEASE MAY NOT BE PUBLISHED, DISTRIBUTED OR TRANSMITTED IN OR INTO THE UNITED STATES OR OVER UNITED STATES WIRE OR NEWS SERVICES/

TORONTO, May 20 /CNW/ - Toronto Hydro Corporation announced today that it has completed its public offering of $200 million principal amount of 5.54% senior unsecured debentures due 2040 (Series 6). The Series 6 Debentures will bear interest at the rate of 5.54% per year and were sold on an agency basis under the Corporation's MTN program.

Scotia Capital Inc. served as the lead agent and bookrunner on the offering and the other syndicate members include BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and TD Securities Inc.

The net proceeds from the sale of the Series 6 Debentures will be used to fund the ongoing modernization of the electricity distribution system of Toronto Hydro-Electric System Limited and for general corporate purposes.

The Series 6 Debentures have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act. This press release does not constitute an offer to sell or a solicitation to buy the Series 6 Debentures in the United States.

About Toronto Hydro

The Corporation is a holding company which through its principal subsidiaries:

    
    -   Toronto Hydro-Electric System Limited ("LDC") - distributes
        electricity and engages in conservation and demand management
        activities; and

    -   Toronto Hydro Energy Services Inc. - provides street lighting
        services.
    

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to approximately 690,000 customers located in the City of Toronto.

SOURCE Toronto Hydro Corporation

For further information: For further information: Blair Peberdy, Vice-President, Marketing, Communications and Public Affairs: (416) 542-2515, bpeberdy@torontohydro.com; Pankaj Sardana, Vice-President, Treasurer and Regulatory Affairs: (416) 542-2707, psardana@torontohydro.com


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