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HALIFAX, June 2 /CNW/ - (EMA-TSX): Emera announced today that it has completed its public offering of six million Cumulative 5-Year Rate Reset First Preferred Shares, Series A for aggregate gross proceeds of $150 million. The offering was first announced on May 25, 2010 when Emera entered into an agreement with a syndicate of underwriters in Canada led by Scotia Capital Inc., RBC Capital Markets and CIBC World Markets Inc.
The net proceeds of the offering will be used for general corporate purposes.
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
Emera Inc. (EMA-TSX) is an energy and services company with $5.4 billion in assets. Electricity is Emera's core business. Approximately 94% of Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns 38% of Barbados Light and Power which serves 120,000 customers on the Caribbean island of Barbados, 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro. Visit Emera on the web at www.emera.com.
SOURCE Emera Inc.
For further information: For further information: Jennifer Nicholson, CA, Senior Director, Stakeholder Relations, (902) 428-6347; Jill MacDonald, CA, Manager, Investor Relations, (902) 428-6486