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Press release from Marketwire

Emera Announces Offering of $200 Million of Preferred Shares

Thursday, May 29, 2014

Emera Announces Offering of $200 Million of Preferred Shares

11:20 EDT Thursday, May 29, 2014

HALIFAX, NOVA SCOTIA--(Marketwired - May 29, 2014) -

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

Emera Incorporated ("Emera") (TSX:EMA) announced today that it will issue eight million Cumulative Rate Reset First Preferred Shares, Series F (the "Series F Preferred Shares") at a price of $25.00 per share and at an initial annual dividend rate of 4.25 per cent, for aggregate gross proceeds of $200 million on a bought deal basis to a syndicate of underwriters in Canada led by Scotiabank.

The holders of the Series F Preferred Shares will be entitled to receive fixed cumulative preferential cash dividends at an annual rate of $1.0625 per share, payable quarterly, as and when declared by the board of directors of Emera, yielding 4.25 per cent per annum, for the initial period ending on February 15, 2020. The first of such dividends, if declared, shall be payable on August 15, 2014, and shall be $0.1950 per Series F Preferred Share, based on the anticipated closing of the offering on June 9, 2014. The dividend rate will be reset on February 15, 2020 and every five years thereafter at a rate equal to the sum of the then five-year Government of Canada bond yield plus 2.63 per cent. The Series F Preferred Shares are redeemable by Emera, at its option, on February 15, 2020 and on February 15 of every fifth year thereafter.

The holders of Series F Preferred Shares will have the right to convert their shares into Cumulative Floating Rate First Preferred Shares, Series G (the "Series G Preferred Shares"), subject to certain conditions, on February 15, 2020 and on February 15 of every fifth year thereafter. The holders of the Series G Preferred Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the board of directors of Emera, at a rate equal to the sum of the then 90-day Government of Canada treasury bill rate plus 2.63 per cent.

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 F Preferred Shares will be offered to the public in Canada by way of prospectus supplement to Emera'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 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 and the offering of the Series F Preferred Shares, including statements regarding the expected closing date and use of proceeds of the offering. 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 sedar.com.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with $9.29 billion in assets and 2013 revenues of $2.2 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. Approximately 80% of the company's reported net income in 2013 came 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 emera.com, or on SEDAR at sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Investor Relations:
Scott LaFleur, MBA, CMA
Acting Manager, Investor Relations
902-428-6375
Scott.lafleur@emera.com


Media:
Dina Bartolacci Seely
Senior Communications Advisor
902-428-6059
dina.bartolacci@emera.com
www.emera.com

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