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Press release from Marketwire

Emera Announces Offering of Four Million Preferred Shares

Thursday, May 30, 2013

Emera Announces Offering of Four Million Preferred Shares

09:49 EDT Thursday, May 30, 2013

HALIFAX, NOVA SCOTIA--(Marketwired - May 30, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Emera Incorporated ("Emera" or the "Company") (TSX:EMA) announced today that it will issue four million Cumulative Redeemable First Preferred Shares, Series E (the "Series E Shares") at a price of $25.00 per share, for aggregate gross proceeds of $100 million on a bought deal basis to a syndicate of underwriters in Canada led by RBC Capital Markets, CIBC, Scotiabank and TD Securities Inc. RBC Capital Markets and CIBC are acting as joint bookrunners for the offering.

Emera has granted to the underwriters an option, exercisable at any time up to 48 hours prior to the date of closing, to purchase up to an additional one million Series E Shares at the same offering price, for additional gross proceeds of up to $25 million.

The holders of Series E Shares will be entitled to receive fixed cumulative preferential cash dividends at an annual rate of $1.125 per share, payable quarterly, as and when declared by the board of directors of the Company yielding 4.5% per annum. The initial dividend, if declared, will be payable on August 15, 2013 and will be $0.2034 per share, based on an anticipated closing date of June 10, 2013.

The Series E Shares will not be redeemable by the Company prior to August 15, 2018. On or after August 15, 2018 the Company may redeem all or any part of the then outstanding Series E Shares, at the Company's option without the consent of the holder, by the payment of: $26.00 per share if redeemed before August 15, 2019; $25.75 per share if redeemed on or after August 15, 2019 but before August 15, 2020; $25.50 per share if redeemed on or after August 15, 2020 but before August 15, 2021; $25.25 per share if redeemed on or after August 15, 2021 but before August 15, 2022; and $25.00 per share if redeemed on or after August 15, 2022, together, in each case, with all accrued and unpaid dividends up to but excluding the date fixed for redemption. The Series E Shares do not have a fixed maturity date and are not redeemable at the option of the holders of Series E Shares.

The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. The net proceeds of the offering will be used for general corporate purposes.

The Series E Shares will be offered to the public in Canada by way of prospectus supplement to the Company's short form base shelf prospectus dated May 2, 2013. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

Forward Looking Information

This news release contains forward looking information. Actual future results may differ materially. Additional information related to Emera, including the company's Annual Information Form, can be found on SEDAR at www.sedar.com.

About Emera

Emera Inc. is an energy and services company with $7.8 billion in assets and 2012 revenues of $2.1 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in three Caribbean countries. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A., and EMA.PR.C. Additional information can be accessed at www.emera.com or at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Emera Inc.
Jill MacDonald, CA
Manager, Investor Relations
(902) 428-6486


Emera Inc.
Sasha Irving
Director, Corporate Communications
(902) 229-5104
www.emera.com

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