HALIFAX, Nova Scotia -- (Business Wire)

Emera Incorporated (“Emera” or the “Company”) (TSX:EMA) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative 5-Year Rate Reset First Preferred Shares, Series A of the Company (the “Series A Shares”) on August 15, 2015. There are currently 6,000,000 Series A Shares outstanding.

Subject to certain conditions set out in the prospectus supplement of the Company dated, May 26, 2010, to the short form base shelf prospectus, dated May 19, 2010 (collectively, the “Prospectus”) relating to the issuance of the Series A Shares, the holders of the Series A Shares have the right, at their option, to convert all or any of their Series A Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series B of the Company (the “Series B Shares”) on August 15, 2015 (the “Conversion Date”).

On such date, holders who do not exercise their right to convert their Series A Shares into Series B Shares will continue to hold their Series A Shares.

The foregoing conversion right is subject to the following:

1. if the Company determines that there would be less than 1,000,000 Series B Shares outstanding on the Conversion Date, then holders of Series A Shares will not be entitled to convert their shares into Series B Shares, and

2. alternatively, if the Company determines that there would remain outstanding less than 1,000,000 Series A Shares on the Conversion Date, then all remaining Series A Shares will automatically be converted into Series B Shares on a one-for-one basis on the Conversion Date.

In either case, Emera will give written notice to that effect to holders of Series A Shares no later than August 10, 2015.

The dividend rate applicable for the Series A Shares for the five-year period commencing on August 15, 2015 and ending on (and inclusive of) August 14, 2020, and the dividend rate applicable to the Series B Shares for the 3-month period commencing on August 15, 2015 and ending on (and inclusive of) November 14, 2015, will be determined on July 16, 2015 and notice of such dividend rates shall be provided to the holders of the Series A Shares on that day.

Beneficial owners of Series A Shares who wish to exercise their conversion right, should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from July 16, 2015 until 5:00 p.m. (EDT) on July 31, 2015.

Inquiries should be directed to Emera Investor Services, at 1-800-358-1995 or 902-428-6060, or by email to investors@emera.com.

Forward Looking Information

This news release contains forward-looking information with respect to Emera, the Series A Shares and the Series B Shares. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. There is risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, which can be found on SEDAR at www.sedar.com.

About Emera

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with $10.19 billion in assets and 2014 revenues of $2.97 billion. The Company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade under the symbols EMA, EMA.PR.A, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can be accessed at www.emera.com or at www.sedar.com.

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Contacts:

Investor:
Scott LaFleur, 902-428-6375
Acting Manager, Investor Relations
Scott.lafleur@emera.com
or
Media:
Stacey Pineau, 902-222-2683
stacey.pineau@emera.com
www.emera.com

Source: Emera Incorporated