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NSPI Closes $135,000,000 Preferred Share Offering

HALIFAX, Nova Scotia, October 31, 2000: Nova Scotia Power Incorporated ("NSPI") announced today that it has closed its public offering of 5,400,000 15-year cumulative redeemable 5.90% First Preferred Shares, Series D for gross proceeds to the company of $135,000,000. The offering was underwritten by a syndicate led by Scotia Capital Inc. and including CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.

The First Preferred Shares, Series D were issued at a price of C$25.00 per preferred share. The shares will be exchangeable, after 15 years, at the option of NSPI into the common stock of NSPI's parent, Emera Incorporated. Thereafter, at the option of the holder, the Series D preferred shares will, subject to certain prior rights of NSPI, be exchangeable into Emera common stock.

The net proceeds will be used to repay short-term indebtedness arising from NSPI's redemption of the 6% Preferred Shares, Series A, and for general corporate purposes.

Nova Scotia Power Inc. is a wholly owned subsidiary of Emera Inc. (TSE:EMA), and one of Canada's largest investor-owned fully integrated electric utilities. Nova Scotia Power has 440,000 customers, and provides over 95% of the generation, transmission and distribution of electricity in the province of Nova Scotia.