TransactionsCity of Toronto Monetizes City Note and Completes Secondary Offering of Toronto Hydro DebenturesPublished: 04/12/2010 By Erik Goldsilver, Charles Newman, Heather Zordel On April 1, 2010, the City of Toronto monetized its interest in an amended and restated promissory note dated May 1, 2006 ("City Note") under which Toronto Hydro had approximately $490.1 million of indebtedness outstanding to the City of Toronto. Concurrent with the closing of the transaction, the City Note was converted, in accordance with its terms, into debentures of Toronto Hydro with an aggregate principal amount of approximately $490.1 million which were offered for sale by a syndicate of underwriters led by RBC Dominion Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc. and issued by Toronto Hydro under the terms of an existing trust indenture as supplemented to effect the secondary offering. Cassels Brock & Blackwell LLP acted for the City of Toronto under the direction of City staff solicitor Lorraine Searles-Kelly. The Cassels Brock team included Erik Goldsilver (Business Law), Heather Zordel (Securities) and Charles Newman (Financial Services). |