Emera declines to redeem preferred shares, enables conversion option

Emera Incorporated (NYSE: EMA) announced it will not exercise its right to redeem its outstanding Cumulative Minimum Rate Reset First Preferred Shares, Series J on May 15, 2026. The company has 8,000,000 Series J Shares currently outstanding.

Under the terms outlined in the company's 2021 prospectus, holders of Series J Shares can convert their shares on a one-for-one basis into Cumulative Floating Rate First Preferred Shares, Series K on May 15, 2026. Shareholders who choose not to convert will retain their Series J Shares.

The conversion right is subject to specific conditions. If fewer than 1,000,000 Series K Shares would be outstanding after conversion, shareholders cannot convert their Series J Shares. Conversely, if fewer than 1,000,000 Series J Shares would remain outstanding, all remaining Series J Shares will automatically convert to Series K Shares.

Emera will provide written notice of these determinations at least seven days before the conversion date. The dividend rates for both share series for their respective periods beginning May 15, 2026, will be determined on April 15, 2026.

Shareholders wishing to convert must contact their broker between April 15, 2026, and 5:00 p.m. EDT on April 30, 2026. The company recommends initiating this process well before the deadline to allow adequate processing time.

Shareholders who do not provide conversion notice by the deadline will retain their Series J Shares and receive the new fixed dividend rate. Future conversion opportunities will occur on May 15, 2031, and every five years thereafter while the shares remain outstanding.

Halifax-based Emera provides energy services to approximately 2.7 million customers across the United States, Canada and the Caribbean through its regulated electric and natural gas utilities.

You May Also Be Interested In

• L Catterton to sell $1B in Birkenstock shares in secondary offering
• Datasea Inc. (DTSS) files $150M mixed shelf
• MicroVision launches public offering of shares and warrants