Core Viewpoint - Hydro One Limited has announced the pricing of a $1.1 billion offering of Medium Term Notes to finance eligible green projects under its Sustainable Financing Framework [1][2]. Group 1: Offering Details - The offering consists of three series of Medium Term Notes: $450 million of 3.94% Series 61 Notes due 2032, $300 million of 4.30% Series 62 Notes due 2035, and $350 million of 4.95% Series 63 Notes due 2055 [1]. - The Series 61 Notes will be issued at a price of $99.988 per $100.00 principal amount, Series 62 Notes at $99.928, and Series 63 Notes at $99.907 [1]. - The offering is expected to close on August 25, 2025 [1]. Group 2: Use of Proceeds - Hydro One Inc. intends to allocate the net proceeds from the sale of the Notes to finance or refinance new and/or existing eligible green projects as per the 2024 Framework [2]. - Prior to allocation, proceeds may be used for debt repayment or investments in cash equivalents in line with internal liquidity management policies [2]. Group 3: Company Overview - Hydro One Limited is Ontario's largest electricity transmission and distribution provider, serving 1.5 million customers with $36.7 billion in assets as of December 31, 2024, and annual revenues of $8.5 billion in 2024 [6][7]. - The company invested $3.1 billion in its transmission and distribution networks in 2024 and supported the economy by purchasing $2.9 billion in goods and services [7].

Financial Performance - Revenue decreased significantly from $416.7 million in Q1 2020 to $113.4 million in Q1 2021[12] - The company reported a net loss of $71 million in Q1 2021, compared to a profit of $225.6 million in Q1 2020[12] - Euronav's leverage to book value is at 41.8%[14] - The company maintains access to liquidity greater than $1 billion[14] Operational Highlights - VLCC average spot rate in TI pool decreased from $61,700 per day in Q1 2020 to $14,000 per day in Q1 2021[8] - Suezmax average spot rate decreased from $41,500 per day in Q1 2020 to $11,500 per day in Q1 2021[8] - For Q2 so far, 48% of VLCC capacity is fixed at around $10,000 per day[11] - For Q2 so far, 41% of Suezmax capacity is fixed at around $10,500 per day[11] - The company completed 8 dry dockings in Q1 and another 8 in Q2, with 11 more planned for the second half of 2021[15] Strategic Initiatives - Euronav is diversifying financing with new sustainability funding, including a $60 million unsecured facility and an €80 million unsecured sustainability-linked facility[20] - The company is recycling older tonnage into new builds, involving 6 VLCCs and 3 Suezmax vessels with an average age of 13.7 years[22] - Euronav is focused on reducing emissions and meeting financial and strategic goals[21, 22] Market Outlook - The tanker market is awaiting recovery, influenced by demand and supply of oil, ton miles, and vessel supply[34, 35] - "Illicit" trade is potentially preventing recycling, with 8% of the VLCC fleet and 5% of the Suezmax fleet involved[27]