Press release from Business Wire
Emera Completes $250 Million Common Share Financing
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Tuesday, January 07, 2014
Emera Completes $250 Million Common Share Financing09:30 EST Tuesday, January 07, 2014
HALIFAX, Nova Scotia (Business Wire) -- Emera Incorporated ("Emera") (TSX:EMA) announces today that it has completed its bought deal offering of 8,665,000 common shares (the “Common Shares”), which includes the exercise in full of the over-allotment option of 865,000 Common Shares, at $28.85 per Common Share for aggregate gross proceeds to Emera of approximately $250 million (the “Offering”). The syndicate of underwriters was led by Scotiabank, CIBC, RBC Capital Markets and TD Securities Inc. and also included BMO Capital Markets, National Bank Financial Inc., Barclays Capital Canada Inc., Canaccord Genuity Corp. and Credit Suisse Securities (Canada) Inc.
The net proceeds of the offering will be used for general corporate purposes to support the Company's recently announced growth initiatives and to reduce indebtedness outstanding under Emera's credit facility.
The Common Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information
This news release contains forward-looking information with respect to Emera. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, which can be found on SEDAR at www.sedar.com.
Emera is an energy and services company with $8.1 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 four 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., EMA.PR.C., and EMA.PR.E. Additional information can be accessed at www.emera.com or at www.sedar.com.
Jill Hennigar, CA, Manager, Investor Relations
Dina Bartolacci Seely, Senior Communications Advisor