HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera Inc. (“Emera”) (TSX: EMA) announced today that it has received all
outstanding final instalment payments in respect of its 4% convertible
unsecured subordinated debentures ("Debentures") represented by
instalment receipts ("Instalment Receipts"). Holders of $2,113,285,691
principal amount of Debentures have elected to convert their Debentures
into Emera common shares ("Common Shares"). As a result, Emera has
issued 50,496,750 Common Shares to holders of Debentures. $71,714,309
principal amount of Debentures remain outstanding after giving effect to
such conversions. Holders of fully-paid Debentures have the right, at
any time prior to redemption or maturity, to convert their Debentures
into Common Shares at a price of $41.85 per Common Share. The closing
price of the Common Shares on the Toronto Stock Exchange (the "TSX")
yesterday, August 2, 2016, was $49.18. Holders of Debentures are
encouraged to exercise their conversion right prior to the next Common
Share dividend record date to ensure that they receive future dividends
paid by Emera. Conversion elections must be made by holders of
Debentures through their broker, investment advisor or other
intermediary.
Holders of Debentures are reminded that as of today the interest
payable on the Debentures has fallen to an annual rate of 0%. As a
result, no further interest will accrue or be paid on the Debentures.
The Debentures are not and will not be listed on the TSX and may in the
future be redeemed at par by Emera.
The Instalment Receipts, which until yesterday represented the interest
of holders in the underlying Debentures, have now been cancelled and
delisted from the TSX.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with approximately $27.5 billion
in assets and 2015 pro-forma revenues of $6.3 billion. The company
invests in electricity generation, transmission and distribution, gas
transmission and distribution, and utility energy services with a
strategic focus on transformation from high carbon to low carbon energy
sources. Emera has investments throughout North America, and in four
Caribbean countries. Emera continues to target having 75-85% of its
adjusted earnings come from rate-regulated businesses. Emera’s common
and preferred shares are listed on the Toronto Stock Exchange and trade
respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C,
EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares
of Emera are listed on the Barbados Stock Exchange under the symbol
EMABDR. Additional Information can be accessed at www.emera.com
or at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within the
meaning of applicable securities laws. By its nature, forward-looking
information requires the use of assumptions and is subject to inherent
risks and uncertainties. These statements reflect Emera’s current
beliefs and are based on information currently available to it. There is
risk that predictions, forecasts, conclusions and projections that
constitute forward-looking information will not prove to be accurate,
that the assumptions may not be correct and that actual results may
differ materially from such forward-looking information. Additional
detailed information about these assumptions, risks and uncertainties is
included in (i) Emera’s securities regulatory filings, including under
the heading “Business Risks and Risk Management” in Emera’s annual
Management Discussion and Analysis, and under the heading “Principal
Risks and Uncertainties” in the notes to Emera’s annual and interim
financial statements which can be found on SEDAR at www.sedar.comand (ii) under the heading “Risk Factors” in TECO Energy’s Annual
Report on Form 10-K for the year ended December 31, 2015, as updated in
subsequent filings with the U.S. Securities and Exchange Commission.
Except as required by law, Emera disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006760/en/
Emera:
Mark Kane, 813-228-1772
VP, Investor Relations
mark.kane@emera.com
or
Scott
LaFleur, 902-428-6375
Manager, Investor Relations
scott.lafleur@emera.com
Source: Emera Inc.