US$1.0B bond deal for Hydro One (TSX: H) prices at 4.750%

Rhea-AI Filing Summary

Hydro One Limited, Ontario’s largest electricity transmission and distribution company, reported that its wholly owned subsidiary Hydro One Inc. has priced an inaugural offering of US$1.0 billion aggregate principal amount of 4.750% senior notes due May 30, 2031. The offering is expected to close on or about May 26, 2026, subject to customary closing conditions.

Hydro One plans to use the net proceeds to repay certain maturing long‑term debt and short‑term borrowings, including commercial paper, and for other general corporate purposes. The unsecured senior notes will rank equally with Hydro One Inc.’s existing senior unsecured debt and are being publicly offered in the United States through a syndicate of underwriters.

The company highlights its 2025 scale, with $39.7 billion in assets, $9 billion in annual revenues, and capital investment of $3.4 billion in its transmission and distribution networks.

Insights

Credit and capital markets analyst

Hydro One raises US$1.0B in 5‑year notes mainly to refinance debt.

Hydro One Inc. is issuing US$1.0 billion of 4.750% senior notes maturing on May 30, 2031. The notes are unsecured and pari passu with existing senior unsecured obligations, offered publicly in the U.S. through a syndicate led by major banks.

Proceeds are earmarked to repay maturing long‑term debt and short‑term borrowings, including commercial paper, and for other general corporate purposes. This indicates a focus on refinancing rather than incremental expansion of leverage, though the filing does not quantify net changes to total debt.

Context from 2025 figures shows a large regulated utility platform with $39.7 billion in assets and $9 billion in annual revenues. The economic impact of the new notes will depend on comparative interest costs and future rate decisions, which will be clearer in subsequent financial disclosures.

Key Figures

Senior notes size: US$1.0 billion Coupon rate: 4.750% Maturity date: May 30, 2031 +5 more

8 metrics

Senior notes size US$1.0 billion Aggregate principal amount of senior notes offering

Coupon rate 4.750% Interest rate on senior notes due May 30, 2031

Maturity date May 30, 2031 Maturity of 4.750% senior notes

Expected closing date May 26, 2026 Expected closing of senior notes offering

Total assets $39.7 billion Assets as at December 31, 2025

Annual revenues $9 billion Hydro One revenues in 2025

Capital investment $3.4 billion 2025 investment in transmission and distribution networks

Goods and services purchased $3.0 billion Purchases supporting the economy in 2025

Key Terms

senior notes, short form base shelf prospectus, multijurisdictional disclosure system, commercial paper, +2 more

6 terms

senior notes financial

"has priced an inaugural offering of US$1.0 billion aggregate principal amount of 4.750% senior notes due May 30, 2031"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

short form base shelf prospectus regulatory

"final prospectus supplement to its short form base shelf prospectus dated August 18, 2025"

A short form base shelf prospectus is a pre-approved, reusable document that lets a company register a pool of securities (like stocks or bonds) it can sell over time without repeating a full disclosure process each time. Think of it as a menu the company files once so it can quickly offer items from that menu later; investors care because it speeds up capital raises, can dilute existing holdings, and signals the company’s ability to access funding when needed.

multijurisdictional disclosure system regulatory

"filed in the United States with the Securities and Exchange Commission under the multijurisdictional disclosure system"

A multijurisdictional disclosure system is a regulatory framework that lets a company file one set of official documents and have them accepted by regulators in multiple countries, rather than preparing separate filings for each place. For investors, it means faster, more consistent access to a company’s financial reports and material news across borders, reducing delays and making it easier to compare information the way a single, shared form simplifies multiple applications.

commercial paper financial

"to repay certain maturing long-term debt and certain short-term indebtedness (including commercial paper)"

Short-term IOUs issued by companies to raise cash quickly, sold to investors for a fixed, brief period (usually up to a few months) and repaid with interest at maturity. Think of it as a business borrowing from the public without putting up collateral, like a friend asking to borrow money for a few weeks with a promise to pay back a bit more. Investors watch commercial paper to gauge a company’s short-term funding health and credit risk; difficulty issuing it or rising yields can signal liquidity stress or higher perceived risk.

forward looking information regulatory

"This news release includes “forward looking information” within the meaning of applicable securities laws"

senior unsecured debt financial

"The senior notes will be unsecured and rank equally with Hydro One Inc.’s existing senior unsecured debt"

A senior unsecured debt is a loan or bond that a company must repay before other unsecured obligations but is not backed by specific assets as collateral. Think of it as being earlier in line for repayment, like a preferred ticket in a queue, but without a guarantee you’ll get property if the company fails; that priority reduces risk compared with junior debt and affects expected interest rates and recovery prospects for investors.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of: May 2026

Commission File Number: 333-225519-01

HYDRO ONE LIMITED

(Translation of Registrant’s name into English)

483 Bay Street, South Tower, 8th Floor, Toronto Ontario M5G 2P5 Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐  Form 40-F ☒

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HYDRO ONE LIMITED

/s/ Cassidy McFarlane

Name: Cassidy McFarlane

Title: General Counsel

Date: May 20, 2026

EXHIBIT INDEX

99.1 News Release dated May 20, 2026

Exhibit 99.1

Hydro One Inc. announces pricing of inaugural offering of

US$1.0 billion of 5-year senior notes

TORONTO, ONTARIO – May 20, 2026 – Hydro One Limited, Ontario’s largest electricity transmission and distribution company, today announced that its wholly-owned subsidiary, Hydro One Inc. (together with Hydro One Limited, “Hydro One”), has priced an inaugural offering of US$1.0 billion aggregate principal amount of 4.750% senior notes due May 30, 2031 (the “senior notes”). The offering is expected to close on or about May 26, 2026, subject to customary closing conditions.

Hydro One intends to use the net proceeds from this offering to repay certain maturing long-term debt and certain short-term indebtedness (including commercial paper) and for other general corporate purposes. The senior notes will be unsecured and rank equally with Hydro One Inc.’s existing senior unsecured debt. The senior notes are being publicly offered in the United States through a syndicate of underwriters. The joint book-running managers for the offering are Barclays Capital Inc., Mizuho Securities USA LLC and RBC Capital Markets, LLC.

In connection with the offering of senior notes, Hydro One Inc. will be filing a final prospectus supplement (the “prospectus supplement”) to its short form base shelf prospectus dated August 18, 2025 with the Ontario Securities Commission, which forms a part of and is included in Hydro One Inc.’s effective registration statement on Form F-10 filed in the United States with the Securities and Exchange Commission (the “SEC”) under the multijurisdictional disclosure system in Canada and the United States. A preliminary prospectus supplement relating to the offering was filed with the Ontario Securities Commission and in the United States with the SEC on May 19, 2026.

Copies of the short form base shelf prospectus and preliminary prospectus supplement are, and the final prospectus supplement relating to the offering of the senior notes once filed will be, available for free on SEDAR+ at www.sedarplus.com and on EDGAR on the SEC website at www.sec.gov. Alternatively, copies may be obtained by calling Barclays Capital Inc. toll free at 1-888-603-5847 or by emailing barclaysprospectus@broadridge.com, by calling Mizuho Securities USA LLC toll free at 1-866-271-7403 or by calling RBC Capital Markets, LLC toll free at 1-866-375-6829 or by emailing rbcnyfixedincomeprospectus@rbccm.com. Investors should read the preliminary prospectus supplement and the short form base shelf prospectus, including the documents incorporated by reference therein, before making an investment decision.

The senior notes have not been, and will not be, qualified for distribution in Canada by a prospectus and are being offered and sold in Canada only on a private placement basis pursuant to exemptions from the prospectus requirements under Canadian securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the senior notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Hydro One Limited (TSX: H)

Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with 1.5 million valued customers, $39.7 billion in assets as at December 31, 2025, and annual revenues in 2025 of $9 billion.

Our team of 9,600 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2025, Hydro One invested $3.4 billion in its transmission and distribution networks, and supported the economy through buying $3.0 billion of goods and services.

We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives.

Hydro One Limited’s common shares are listed on the TSX and certain of Hydro One Inc.’s medium term notes are listed on the NYSE.

Caution Concerning Forward Looking Information, Risks and Assumptions:

This news release includes “forward looking information” within the meaning of applicable securities laws. The forward looking information in this news release includes, without limitation, expectations regarding the timing of the closing of the offering and the anticipated use of proceeds of the offering. We caution that all forward looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward looking information or could cause our current objectives, strategies and intentions to change, and many of these factors are beyond our control and current expectations or knowledge. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One Limited’s and Hydro One Inc.’s filings with the securities regulatory authorities in Canada, including the risks outlined in the section entitled “Risk Management and Risk Factors” in its annual management’s discussion and analysis, which are available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Hydro One Limited and Hydro One Inc. do not intend, and they disclaim any obligation, to update any forward looking information, except as required by law.

FAQ

What did Hydro One Inc. announce in this Form 6-K filing for HRNNF?

Hydro One Inc. announced pricing of an inaugural US$1.0 billion offering of 4.750% senior notes due May 30, 2031. The transaction is expected to close on or about May 26, 2026, subject to customary closing conditions and regulatory documentation.

What are the key terms of Hydro One’s new senior notes offering?

The new Hydro One senior notes total US$1.0 billion in aggregate principal and carry a 4.750% coupon, maturing on May 30, 2031. The notes are unsecured, rank equally with existing senior unsecured debt, and are being publicly offered in the United States through underwriters.

How will Hydro One use the US$1.0 billion in note proceeds?

Hydro One intends to use net proceeds to repay certain maturing long-term debt and short-term indebtedness, including commercial paper, and for other general corporate purposes. This indicates a primary focus on refinancing existing obligations rather than purely funding new projects.

Who is managing Hydro One’s US$1.0 billion senior notes offering?

The joint book-running managers for Hydro One’s senior notes offering are Barclays Capital Inc., Mizuho Securities USA LLC and RBC Capital Markets, LLC. These underwriters are handling the public offering of the unsecured 4.750% senior notes in the United States market.

What is Hydro One Limited’s business scale based on 2025 results?

Hydro One Limited reported $39.7 billion in assets as at December 31, 2025 and annual revenues of $9 billion in 2025. It invested $3.4 billion in transmission and distribution networks and purchased $3.0 billion of goods and services during 2025 to support its operations.

Where can investors find the prospectus documents for Hydro One’s notes?

Investors can access the short form base shelf prospectus and preliminary prospectus supplement on SEDAR+ and EDGAR. The final prospectus supplement for the senior notes will also be available there once filed, and can be requested from the underwriting banks by phone or email.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 8.6 KB