Date Closed

December 1, 2023

Lead Office

Calgary

Value

250.00 Million CAD

On December 1, 2023, EPCOR Utilities Inc. ("EPCOR") completed a public offering in Canada of unsecured medium term note debentures in the aggregate principal amount of C$250 million. The notes, which were issued pursuant to a re-opening of existing notes maturing October 3, 2053 with a coupon rate of 5.326%, were issued at a price of $106.716 per $100 principal amount of note plus accrued and unpaid interest to yield 4.892%. Net proceeds will be used for general corporate purposes, including repayment of existing indebtedness and financing the Corporation's capital expenditure program and working capital requirements.

The offering was made in Canada under EPCOR’s previously filed short form base shelf prospectus dated December 7, 2021. National Bank Financial Inc. and TD Securities Inc. acted as co-leads and joint bookrunners for the syndicate of agents which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., MUFG Securities (Canada), Ltd. and Merrill Lynch Canada Inc.

EPCOR, based in Edmonton, Alberta, is a company that manages water, wastewater, natural gas, and electricity distribution systems in Alberta, British Columbia, Ontario, Arizona, New Mexico and Texas.

McCarthy Tétrault advised TD Securities with a team led by John Osler and Toby Allan that included Matthew Hooker (Business), Fred Purkey and Kalev Tamm (Tax).