leading a $2 billion loan to Ontario Hydro. The bank companies solicited commitments of $125 million from 19 co- agents last week. The Toronto-based utility, the largest in North America, will use the loan for general corporate purposes and as a backstop for commercial paper. The loan, which is guaranteed by the province of Ontario, is split evenly between 364-day and five-year revolving credit facilities. Facility fees are 4 basis points for the 364-day piece and 5.5 basis points for the five-year portion. The loan is priced at 22.5 basis points over the London interbank offered rate on a fully drawn basis. The loan is not expected to be drawn upon and has utilization fees ranging from 17.5 to 22.5 basis points over Libor. A bank meeting for general syndication is scheduled June 16.
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