Newspaper article The Canadian Press

Ontario to Realize Up to Almost $2B in New Sale of Hydro One Shares

Newspaper article The Canadian Press

Ontario to Realize Up to Almost $2B in New Sale of Hydro One Shares

Article excerpt

Up $2B in new sale of Hydro One shares

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TORONTO - The Ontario government is selling more shares of Hydro One Ltd. (TSX:H) in a move that could raise almost $2 billion for the province.

The government and the electricity transmission and distribution company say they have entered into an agreement with a syndicate of underwriters for the secondary offering on a bought deal basis of some 72.4 million shares.

The shares are being sold at $23.65 apiece for total gross proceeds of about $1.71 billion.

Under an over-allotment option exercisable for up to 30 days following closing, the province could sell an additional 10.8 million common shares at the same price, raising gross proceeds to about $1.97 billion.

After the offering, the province will continue to hold some 427.7 million common shares representing about 71. …

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