Emera completes $2.185B financing

On September 28, 2015, Emera Incorporated (Emera) completed the offering of an aggregate $1.9 billion of 4.00 per cent Convertible Unsecured Subordinated Debentures represented by Instalment Receipts on a bought deal basis. On October 2, 2015, Emera issued an additional aggregate $285 million of 4.00 per cent Convertible Unsecured Subordinated Debentures represented by Instalment Receipts pursuant to the exercise of the over-allotment option granted to the underwriters under the bought deal offering. The net proceeds of the offering will be used to finance, directly or indirectly, Emera’s acquisition of TECO Energy, Inc. and other acquisition-related expenses.

The syndicate of underwriters was co-led by Scotia Capital Inc., RBC Dominion Securities Inc. and J.P. Morgan Securities Canada Inc. and including CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Barclays Capital Canada Inc. and Credit Suisse Securities (Canada) Inc.

Emera was represented by an internal team led by Bruce Marchand, Lewis Smith and John MacLean and by John Macfarlane, Jay Greenspoon, Alex Gorka, Daniel Fombonne and Lauren Hulme (securities), Laurie Barrett and Scott Cooper (banking) and Drew Morier, Paul Seraganian and David Davachi (tax) of Osler, Hoskin & Harcourt LLP.

The underwriters were advised by Joel Binder, Jonah Mann, Jeff Hershenfield, Anne Weintrop, Aaron Sigal, Charlie McDonald, J.B. Elliott, Slavica Stojimirovic (securities), Patrick Duffy and Sean Gibson (regulatory) and John Lorito and Katy Pitch (tax) of Stikeman Elliott LLP.