HOLDERS MAY ALSO ELECT TO CONVERT DEBENTURES INTO COMMON SHARES
HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera Inc. (“Emera”) (TSX: EMA) today reminded holders of its 4%
convertible unsecured subordinated debentures ("Debentures") represented
by instalment receipts ("Instalment Receipts") that the final instalment
payment of $667 per $1,000 principal amount of Debentures is due by
August 2, 2016 (the "Final Instalment Date"). On the day
following the Final Instalment Date, the interest rate payable on the
Debentures will fall to an annual rate of 0% and interest will cease to
accrue on the Debentures.
Payment of the final installment must be submitted by holders through
their broker, investment advisor or other intermediary using the
electronic payment system maintained by CDS Clearing and Depository
Services Inc. ("CDS"). Brokers, investment advisors or other
intermediaries may have a payment processing deadline which is earlier
than the Final Instalment Date. Holders who have not yet done so should
contact their broker, investment advisor or other intermediary
immediately to make arrangements to pay the balance owed in respect of
their Debentures.
Holders who have paid the final instalment by the Final Instalment Date
have the right to convert their Debentures into Emera common shares
("Common Shares") at a conversion price of $41.85 per Common Share (the
"Conversion Price") on the Final Instalment Date, or at any time
thereafter prior to redemption or maturity. Holders through their
broker, investment advisor or other intermediary using the electronic
system maintained by CDS can elect to convert the Debentures to Common
Shares at any time before the Final Instalment Date and thereafter prior
to redemption or maturity. Holders who convert their Debentures to
Common Shares on the Final Instalment Date will receive their Common
Shares on the day following the Final Instalment Date. Emera has five
business days to deliver Common Shares in respect of any conversion of
Debentures made after the Final Instalment Date.
Emera expects the Instalment Receipts to be delisted from the Toronto
Stock Exchange (the "TSX") on or about the Final Instalment Date. The
Debentures are not and will not be listed on the TSX and may be redeemed
after the Final Instalment Date at par.
Holders of Debentures will receive accrued and unpaid interest of
$8.7671 per $1,000 principal amount of Debentures and holders who have
paid the final instalment on or before the Final Instalment Date will
also receive a make-whole payment of $6.0822 per $1,000 principal amount
of Debentures, representing the interest that would have accrued from
the day following the Final Instalment Date to and including September
28, 2016.
Further Information on the Final Instalment Payment can be found on
Emera’s website at: www.emera.com/finalinstalmentnotice
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 and instalment receipts are listed and trade
under the symbol EMA.IR. 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/20160725006344/en/
Emera:
Investor Relations:
Scott LaFleur, 902-428-6375
scott.lafleur@emera.com
Source: Emera Inc.