Emera issues final installment notice for convertible debentures in connection with TECO acquisition

Written By: Stratton Report
June 29, 2016


On June 29, Emera Inc. announced that all requirements for completing the acquisition of TECO Energy have been fulfilled and the acquisition is expected to close on or about July 1, 2016. Emera also issued the final installment notice for its 4.00% convertible unsecured subordinated debentures

Holders of fully paid debentures have the right to convert them into Emera common shares at a conversion price of $41.85 per common share. Emera will issue up to 52,210,274 common shares on conversion of the outstanding debentures. Following the final installment date, the interest rate payable on the debentures will fall to an annual rate of 0% and interest will cease to accrue.
In the event the acquisition is not completed on or about July 1, 2016, Emera may revoke the final installment notice and/or issue a new notice providing for a new final installment date.