EMA.PR.A Slides on Opening Day with Derisory Volume

Emera has announced:

that it has completed its public offering of six million Cumulative 5-Year Rate Reset First Preferred Shares, Series A for aggregate gross proceeds of $150 million. The offering was first announced on May 25, 2010 when Emera entered into an agreement with a syndicate of underwriters in Canada led by Scotia Capital Inc., RBC Capital Markets and CIBC World Markets Inc.

The net proceeds of the offering will be used for general corporate purposes.

The aggregate gross proceeds of $150-million implies that the $50-million greenshoe was not exercised, while the low volume implies the underwriters had trouble flogging the issue.

EMA.PR.A is a FixedReset, 4.40%+184, announced May 25.

It traded 26,700 shares today in a range of 24.70-00 before closing at 24.75-89, 27×10.

Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2040-06-02
Maturity Price : 24.70
Evaluated at bid price : 24.75
Bid-YTW : 4.53 %

EMA.PR.A is tracked by HIMIPref™, but has been relegated to the Scraps index on credit concerns.

2 Responses to “EMA.PR.A Slides on Opening Day with Derisory Volume”

  1. […] It will be recalled that EMA recently issued EMA.PR.A, a FixedReset paying 4.40%+184. […]

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