Hydro Ottawa Holding Inc. Announces Successful Completion of Consent Solicitation for Senior Unsecured Debentures

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

OTTAWA, ON, June 14, 2024 /CNW/ - Hydro Ottawa Holding Inc. ("Hydro Ottawa") today announced that further to its consent solicitation announced on May 21, 2024, holders (the "Debentureholders") of 88.94% of the aggregate principal amount of the four series of its outstanding Canadian dollar senior unsecured debentures (the "Debentures"), as listed in the table below, have delivered consents to approve the Debenture Amendments (as described in the consent solicitation statement dated May 21, 2024 (the "Consent Solicitation Statement")).

Title of Series of Debentures	CUSIP/ISIN
2.614% Series 2015-1 Debentures due 2025	44882CAD6 / CA44882CAD61
3.639% Series 2015-2 Debentures due 2045	44882CAE4 / CA44882CAE45
3.991% Series 2013-1 Debentures due 2043	44882CAC8 / CA44882CAC88
4.968% Series 2006-1 Debentures due 2036	44882CAB0 / CA44882CAB06

As described in the Consent Solicitation Statement, given that Debentureholders representing not less than 66 2/3% of the aggregate principal amount of the Debentures have delivered valid consents consenting to the approval of the Debenture Amendments, the meeting of Debentureholders, which was originally scheduled at 10:00 a.m. (EDT) on June 17, 2024, has been cancelled.

Hydro Ottawa will make arrangements for the payment of the applicable review fees to the Tabulation Agent (TSX Trust Company) for distribution to the Debentureholders who delivered valid responses as contemplated by the Consent Solicitation Statement.

Hydro Ottawa intends to implement the Debenture Amendments once all required approvals for the Corporate Reorganization described in the Consent Solicitation Statement are obtained, including approval of the Ontario Energy Board. The exact timing for implementing (if at all) the Debenture Amendments will be determined by Hydro Ottawa in its sole discretion. Hydro Ottawa reserves the right to not to give effect to the Debenture Amendments for any reason. Hydro Ottawa currently expects the Corporate Reorganization to take effect on or about October 1, 2024, subject to the receipt of required approvals as described in the Consent Solicitation Statement.

This press release is for informational purposes only and does not amend the consent solicitation, which has expired and was made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy the Debentures or any other securities. Copies of the Consent Solicitation Statement may be obtained from TMX Investor Solutions Inc., the Information Agent for the consent solicitation, by email at [email protected].

Any persons with questions regarding the consent solicitation should contact the Solicitation Agent (Scotia Capital Inc.) or Information Agent (TMX Investor Solutions Inc.) as follows:

SCOTIA CAPITAL INC.
40 Temperance Street
Toronto, Ontario M5H 0B4
Attention: Scotiabank Debt Syndication
Telephone: [phone]
Email: [email protected]

TMX Investor Solutions Inc.
301 – 100 Adelaide Street West
Toronto, Ontario M5H 1S3
Toll Free in North America: 1(866) 796-6867
Call direct: [phone]
Email: [email protected]

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company wholly owned by the City of Ottawa. Our core businesses include electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. For more information, please visit: https://hydroottawaholding.com/.

Caution Concerning Forward-Looking Statements

This document may include certain forward-looking information and forward-looking statements within the meaning of applicable securities laws. These statements include statements relating to the Debenture Amendments and the Corporate Reorganization and are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results, including the timing of the Corporate Reorganization, may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, industry structure and stability, and other factors affecting the operations of Hydro Ottawa.

SOURCE Hydro Ottawa Holding Inc.

For more information: Hydro Ottawa Media Relations, [email protected], 613-738-5499 ext. 2345