Emera Incorporated

TSX : EMA


Emera Incorporated

December 10, 2013 07:50 ET

Emera Announces Bought Deal Offering of 7,800,000 Common Shares

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 10, 2013) -

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

Emera Incorporated ("Emera") (TSX:EMA) announced today that it has entered into an agreement with a syndicate led by Scotiabank, CIBC, RBC Capital Markets and TD Securities Inc., under which they have agreed to purchase from Emera and sell to the public 7,800,000 Common Shares of Emera. The underwriters will also have the option to purchase up to an additional 865,000 Common Shares to cover over-allotments, if any, and for market stabilization purposes, during the 30 days following the closing of the offering (the "Over-Allotment Option").

The purchase price of $28.85 per Common Share will result in gross proceeds to Emera of $225,030,000 ($249,985,250 if the Over-Allotment Option is exercised in full). 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. This financing addresses Emera's near-term common equity needs. The proceeds of the issuance, together with internal cash generation, planned project level debt and preferred share financing activities in 2014, are expected to be sufficient to finance the company's current capital expenditure schedule and forecast through to 2015.

The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected to occur on or about January 7, 2014.

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.

About Emera

Emera is an energy and services company with $8.0 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.

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