Emera's Exchange Offer: Enhancing Liquidity and Access to Capital Markets
Friday, Dec 13, 2024 9:48 am ET
4min read Emera Incorporated ("Emera") recently announced the commencement of an exchange offer for USD $500 million aggregate principal amount of outstanding 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 (the "Old Notes"). This move aims to enhance liquidity for investors and facilitate the issuer's access to capital markets in the future. This article explores the benefits and implications of this exchange offer for both Emera and its shareholders.
The exchange offer allows holders of the Old Notes to exchange them for new notes (the "New Notes") registered under the Securities Act. The New Notes will have identical terms to the Old Notes, except that they will not bear any legend restricting transfer. This change is expected to enhance liquidity for investors, as the New Notes will be more easily tradable on public exchanges.
The registration of the New Notes under the Securities Act also benefits Emera by providing greater access to capital markets in the future. By registering the New Notes, Emera gains the ability to offer and sell these securities to a broader range of investors, including retail investors, without the need for additional registration. This increased liquidity and accessibility can lead to higher demand and potentially better pricing for future offerings, benefiting both Emera and its investors.
The exchange offer is subject to certain conditions, including the tender of at least 95% of the outstanding Old Notes. If these conditions are met, the exchange offer is expected to expire at 11:59 p.m., New York City time, on January 13, 2025, with settlement occurring shortly thereafter. Tenders of Old Notes must be made before the exchange offer expires and may be withdrawn at any time prior to expiration.
In conclusion, Emera's exchange offer presents an opportunity for investors to enhance the liquidity of their holdings and for the issuer to gain greater access to capital markets in the future. By registering the New Notes under the Securities Act, Emera and its shareholders can benefit from increased liquidity, improved trading conditions, and better access to capital. As the exchange offer progresses, investors should monitor the developments and assess the potential impact on their investments.
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“𝑰 𝒘𝒂𝒏𝒕 𝒕𝒐 𝒕𝒂𝒌𝒆 𝒂 𝒎𝒐𝒎𝒆𝒏𝒕 𝒕𝒐 𝒔𝒉𝒂𝒓𝒆 𝒉𝒐𝒘 𝑮𝒐𝒅 𝒉𝒂𝒔 𝒃𝒆𝒆𝒏 𝒕𝒓𝒖𝒍𝒚 𝒇𝒂𝒊𝒕𝒉𝒇𝒖𝒍 𝒊𝒏 𝒎𝒚 𝒍𝒊𝒇𝒆. 𝑨𝒔 𝒂 𝒓𝒆𝒕𝒊𝒓𝒆𝒅 𝒘𝒐𝒓𝒌𝒆𝒓, 𝑰 𝒂𝒎 𝒃𝒍𝒆𝒔𝒔𝒆𝒅 𝒕𝒐 𝒉𝒂𝒗𝒆 𝒂 𝒈𝒓𝒐𝒖𝒑 𝒐𝒇 𝒇𝒓𝒊𝒆𝒏𝒅𝒔 𝒇𝒓𝒐𝒎 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒄𝒐𝒖𝒏𝒕𝒓𝒊𝒆𝒔, 𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒕𝒉𝒆 𝑼𝑲, 𝑼𝑺𝑨, 𝑰𝒏𝒅𝒊𝒂, 𝑪𝒂𝒏𝒂𝒅𝒂, 𝑨𝒖𝒔𝒕𝒓𝒂𝒍𝒊𝒂, 𝒂𝒏𝒅 𝑮𝒆𝒓𝒎𝒂𝒏𝒚. 𝑻𝒐𝒈𝒆𝒕𝒉𝒆𝒓, 𝒘𝒆’𝒗𝒆 𝒔𝒉𝒂𝒓𝒆𝒅 𝒊𝒅𝒆𝒂𝒔 𝒂𝒃𝒐𝒖𝒕 𝒆𝒔𝒕𝒂𝒃𝒍𝒊𝒔𝒉𝒊𝒏𝒈 𝒂 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔. 𝑶𝒏𝒆 𝒐𝒇 𝒖𝒔 𝒊𝒏𝒕𝒓𝒐𝒅𝒖𝒄𝒆𝒅 𝒕𝒉𝒆 𝒄𝒐𝒏𝒄𝒆𝒑𝒕 𝒐𝒇 𝒊𝒏𝒗𝒆𝒔𝒕𝒊𝒏𝒈 𝒐𝒖𝒓 𝒑𝒆𝒏𝒔𝒊𝒐𝒏𝒔 𝒊𝒏 𝒄𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈. 𝑰𝒏𝒊𝒕𝒊𝒂𝒍𝒍𝒚, 𝑰 𝒉𝒂𝒅 𝒎𝒚 𝒅𝒐𝒖𝒃𝒕𝒔, 𝒃𝒖𝒕 𝒂𝒇𝒕𝒆𝒓 𝒔𝒆𝒆𝒊𝒏𝒈 𝒉𝒊𝒔 𝒑𝒐𝒓𝒕𝒇𝒐𝒍𝒊𝒐 𝒈𝒓𝒐𝒘 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒕𝒍𝒚 𝒇𝒓𝒐𝒎 𝒂 𝒔𝒎𝒂𝒍𝒍 𝒔𝒕𝒂𝒓𝒕, 𝑰 𝒅𝒆𝒄𝒊𝒅𝒆𝒅 𝒕𝒐 𝒈𝒊𝒗𝒆 𝒊𝒕 𝒂 𝒕𝒓𝒚.
𝑻𝒉𝒊𝒔 𝒂𝒎𝒂𝒛𝒊𝒏𝒈 𝒘𝒐𝒎𝒂𝒏, 𝑪𝒂𝒕𝒉𝒆𝒓𝒊𝒏𝒆 𝑬. 𝑹𝒖𝒔𝒔𝒆𝒍𝒍, 𝒉𝒂𝒔 𝒃𝒆𝒆𝒏 𝒂 𝒃𝒍𝒆𝒔𝒔𝒊𝒏𝒈 𝒕𝒐 𝒖𝒔. 𝑾𝒊𝒕𝒉 𝒉𝒆𝒓 𝒍𝒆𝒈𝒊𝒕𝒊𝒎𝒂𝒕𝒆 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒔𝒊𝒈𝒏𝒂𝒍𝒔, 𝒘𝒆’𝒗𝒆 𝒃𝒆𝒆𝒏 𝒂𝒃𝒍𝒆 𝒕𝒐 𝒆𝒂𝒓𝒏 𝒎𝒐𝒓𝒆 𝒎𝒐𝒏𝒆𝒚 𝒕𝒉𝒂𝒏 𝒘𝒆 𝒆𝒗𝒆𝒓 𝒅𝒊𝒅 𝒘𝒊𝒕𝒉 𝒐𝒖𝒓 𝒔𝒂𝒍𝒂𝒓𝒊𝒆𝒔. 𝑺𝒉𝒆 𝒊𝒔 𝒕𝒓𝒖𝒍𝒚 𝑮𝒐𝒅-𝒔𝒆𝒏𝒕 𝒂𝒏𝒅 𝒉𝒂𝒔 𝒃𝒓𝒐𝒖𝒈𝒉𝒕 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒃𝒓𝒆𝒂𝒌𝒕𝒉𝒓𝒐𝒖𝒈𝒉𝒔 𝒕𝒐 𝒎𝒂𝒏𝒚. 𝑰𝒇 𝒚𝒐𝒖’𝒓𝒆 𝒍𝒐𝒐𝒌𝒊𝒏𝒈 𝒇𝒐𝒓 𝒂 𝒘𝒂𝒚 𝒕𝒐 𝒊𝒎𝒑𝒓𝒐𝒗𝒆 𝒚𝒐𝒖𝒓 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒊𝒕𝒖𝒂𝒕𝒊𝒐𝒏, 𝑰 𝒆𝒏𝒄𝒐𝒖𝒓𝒂𝒈𝒆 𝒚𝒐𝒖 𝒕𝒐 𝒓𝒆𝒂𝒄𝒉 𝒐𝒖𝒕 𝒕𝒐 𝒉𝒆𝒓 𝒐𝒏 𝑭𝒂𝒄𝒆𝒃𝒐𝒐𝒌. 𝑻𝒓𝒖𝒔𝒕 𝒎𝒆, 𝒔𝒆𝒆𝒊𝒏𝒈 𝒊𝒔 𝒃𝒆𝒍𝒊𝒆𝒗𝒊𝒏𝒈. 𝑫𝒐𝒏’𝒕 𝒃𝒆 𝒔𝒄𝒂𝒓𝒆𝒅—𝒚𝒐𝒖’𝒓𝒆 𝒐𝒏 𝒕𝒉𝒆 𝒓𝒊𝒈𝒉𝒕 𝒕𝒓𝒂𝒄𝒌!”