Emera Incorporated has announced:
that after having taken into account all conversion notices received from holders of its outstanding Cumulative Rate Reset First Preferred Shares, Series C (the “Series C Shares”) by the July 31, 2018 deadline for conversion notices, less than the 1,000,000 Series C Shares required to give effect to conversions into Cumulative Floating Rate First Preferred Shares, Series D (the “Series D Shares”) were tendered for conversion. As a result, none of Emera’s outstanding Series C Shares will be converted into Series D Shares on August 15, 2018. The Series C Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol EMA.PR.C.
It will be recalled that after notice of extension the rate was reset to 4.721% and that I recommended against conversion.
EMA.PR.C was issued as a FixedReset, 4.10%+265, that commenced trading 2012-6-7 after being announced 2012-5-29. DBRS discontinued coverage of Emera in June, 2016. The preferreds are rated P-2(low) by S&P. It is tracked by HIMIPref™ and is assigned to the FixedReset subindex.
[…] of extension in 2018 the rate was reset to 4.721%; I recommended against conversion; there was no conversion. DBRS discontinued coverage of Emera in June, 2016. The preferreds are rated P-3(high) by S&P. […]
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