Toronto Hydro completes public offering of $250 million principal amount of
4.49% Senior Unsecured Debentures due 2019 (Series 3)

    
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    IN OR INTO THE UNITED STATES OR OVER UNITED STATES WIRE OR NEWS
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TORONTO , Nov. 12 /CNW/ - Toronto Hydro Corporation announced today that it has completed its public offering of $250 million principal amount of 4.49% senior unsecured debentures due 2019 (Series 3). The Series 3 Debentures will bear interest at the rate of 4.49% per year and were sold on an agency basis under the Corporation's MTN program.

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

The net proceeds from the sale of the Series 3 Debentures will be used to repay C$245.1 million of indebtedness outstanding to the City of Toronto under the terms of a promissory note between the Corporation and the City and the balance will be used for general corporate purposes.

The Series 3 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 3 Debentures in the United States .

    
    About Toronto Hydro

    The Corporation is a holding company which through its wholly-owned
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 and develops energy efficiency products and 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 689,000 customers located in the City of Toronto .

For further information: Blair Peberdy: [phone], Vice-President, Marketing, Communications and Public Affairs and Chief Conservation Officer: [email protected]; Pankaj Sardana: [phone], Vice-President, Treasurer and Regulatory Affairs: [email protected]