Emera completes $300M common share equity financing

On December 16, 2016, Emera Incorporated (“Emera”) completed a bought deal offering of 6,630,000 common shares at $45.25 per common share (the “Offering Price”) for aggregate gross proceeds of approximately $300 million.
The syndicate of underwriters was led by TD Securities Inc., CIBC Capital Markets, RBC Capital Markets and Scotiabank, and also included BMO Capital Markets, National Bank Financial Inc., Barclays Capital Canada Inc., Credit Suisse Securities (Canada) Inc., J.P. Morgan Securities Canada Inc., Industrial Alliance Securities Inc. and Raymond James Ltd.
On December 21, 2016, the over-allotment option granted to the underwriters to purchase up to an additional 994,500 Common Shares at the Offering Price was exercised in full for additional gross proceeds to Emera of approximately $45 million, bringing the aggregate gross proceeds raised from the offering to approximately $345 million.

Emera was represented by an internal team led by
Lewis Smith, John MacLean and Eric MacRae; and externally by John Macfarlane, Jay Greenspoon and Daniel Fombonne (securities) and Timothy Hughes (tax) of Osler, Hoskin & Harcourt LLP.

The underwriters were represented by
Joel Binder, Jeff Hershenfield, Omar Soliman and Slavica Stojimirovic (securities), Ryan Abrahamson (tax) and Patrick Duffy (regulatory) of Stikeman Elliott LLP.


Lewis T. Smith John H. Macfarlane Joel E. Binder