Date Closed

July 8, 2019

Lead Office

Calgary

Value

450.00 Million CAD

On July 8, 2019, EPCOR Utilities Inc. completed a public offering of unsecured medium term notes through a syndicate of agents for an aggregate principal amount of C$450 million. The offering consisted of a C$100 million aggregate principal amount of 1.949% notes, due July 8, 2022, and a C$350 million aggregate principal amount of 3.106% notes, due July 8, 2049. EPCOR plans to use net proceeds from the transaction for general corporate purposes, including repayment of existing indebtedness and financing EPCOR's capital expenditure program and working capital requirements.

The agents were led by RBC Dominion Securities Inc. and National Bank Financial Inc., as joint bookrunners, and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG Securities (Canada), Ltd. and Wells Fargo Securities Canada Ltd.

Based in Edmonton, EPCOR builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, sanitary and stormwater systems and infrastructure in Canada and the United States.

McCarthy Tétrault LLP advised the agents with a team led by John Osler that included Jeremy Busch-Howell and Michael Shahinian (Business) and Robert Nearing (Tax).