Emera Announces Offering of $150 Million of Preferred Shares
HALIFAX, Nova Scotia, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Emera Incorporated (“Emera” or the “Company”) (TSX:EMA) announced today that it will issue 6,000,000 Cumulative Redeemable First Preferred Shares, Series L (the “Series L Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $150 million on a bought deal basis to a syndicate of underwriters in Canada led by TD Securities Inc. and CIBC Capital Markets. Emera has granted to the underwriters an option, exercisable at any time up to two business days prior to the closing of the offering, to purchase up to an additional 2,000,000 Series L Preferred Shares at a price of $25.00 per share (the “Underwriters’ Option”). If the Underwriters’ Option is exercised in full, the aggregate gross proceeds to Emera will be $200 million.
- If the Underwriters Option is exercised in full, the aggregate gross proceeds to Emera will be $200 million.
- The Series L Preferred Shares will not be redeemable by the Company prior to November 15, 2026.
- The Series L Preferred Shares do not have a fixed maturity date and are not redeemable at the option of the holders of Series L Preferred Shares.
- including statements concerning the anticipated sale and distribution of preferred shares, the volume and timing of the sale and distribution of preferred shares and Emeras intended use of the net proceeds of the offering of preferred shares.