{"id":51797,"date":"2026-04-15T23:23:50","date_gmt":"2026-04-16T03:23:50","guid":{"rendered":"https:\/\/prefblog.com\/?p=51797"},"modified":"2026-04-15T23:23:50","modified_gmt":"2026-04-16T03:23:50","slug":"ema-pr-j-to-reset-at-6-345","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51797","title":{"rendered":"EMA.PR.J To Reset At 6.345%"},"content":{"rendered":"

Emera Incorporated has announced<\/a>:<\/p>\n

the applicable dividend rates for its Cumulative Minimum Rate Reset First Preferred Shares, Series J (the \u201cSeries J Shares\u201d) and Cumulative Floating Rate First Preferred Shares, Series K (the \u201cSeries K Shares\u201d), in each case, payable if, as and when declared by the Board of Directors of the Company:<\/p>\n

6.345% per annum on the Series J Shares ($0.3966 per Series J Share per quarter), being equal to the sum of the Government of Canada bond yield as at April 15, 2026, plus 3.28%, payable quarterly on the 15 th of February, May, August and November of each year during the five-year period commencing on May 15, 2026 and ending on (and inclusive of) May 14, 2031, and
\n5.598% on the Series K Shares for the three-month period commencing on May 15, 2026 and ending on (and inclusive of) August 14, 2026 ($0.3528 per Series K Share for the quarter), being equal to the sum of the three-month Government of Canada treasury bill yield rate as at April 15, 2026, plus 3.28% (calculated on the basis of the actual number of days elapsed during the quarter divided by 365), payable on the 15 th of August, 2026. The quarterly floating dividend rate will be reset every quarter.<\/p>\n

Subject to certain conditions set out in the prospectus supplement of the Company dated March 26, 2021, to the short form base shelf prospectus of the Company dated March 12, 2021, relating to the issuance of the Series J Shares (collectively, the \u201cProspectus\u201d), holders of the Series J Shares have the right, at their option, to convert all or any of their Series J Shares, on a one-for-one basis, into Series K Shares on May 15, 2026 (the \u201cConversion Date\u201d). On such date, holders who do not exercise their right to convert their Series J Shares into Series K Shares will continue to hold their Series J Shares. The foregoing conversion right, after having taken into account all shares tendered for conversion by holders of Series J Shares, is subject to the following:<\/p>\n

if the Company determines that there would be less than 1,000,000 Series K Shares outstanding on the Conversion Date, then holders of Series J Shares will not be entitled to convert their shares into Series K Shares, and
\nalternatively, if the Company determines that there would remain outstanding less than 1,000,000 Series J Shares on the Conversion Date, then all remaining Series J Shares will automatically be converted into Series K Shares on a one-for-one basis on the Conversion Date.<\/p>\n

In either case, the Company will give written notice to that effect to the holders of Series J Shares at least seven days prior to the Conversion Date, subject to the terms set out in the Prospectus.<\/p>\n

Holders of Series J 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 April 15, 2026 until 5:00 p.m. (EDT) on April 30, 2026. Any notices received after this deadline will not be valid. Holders of Series J Shares who wish to exercise their conversion right must carefully follow the procedures and instructions received from their broker or other nominee and contact their broker or other nominee if they need assistance. Such broker or other nominee may set deadlines for the return of instructions that are well in advance of the 5:00 p.m. (EDT) deadline on April 30, 2026. As such, it is recommended that holders of Series J Shares communicate instructions to their broker or other nominee well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps prior to the deadline.<\/p>\n

Holders of Series J Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series J Shares and receive the new annual fixed dividend rate applicable to the Series J Shares, subject to the conditions stated above. Holders of Series J Shares will have the opportunity to convert their shares again on May 15, 2031 and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series J Shares and Series K Shares, please see the Company\u2019s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.<\/p><\/blockquote>\n

EMA.PR.J is a FixedReset, 4.25%+328M425, announced 2021-3-24<\/a>. They recently issued<\/a> some USD junior subordinated notes, but the proceeds of this issue have not been used for redemption of these preferreds. Extension of the issue was announced in April 2026<\/a>. EMA.PR.J is tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Premium) index on credit concerns.<\/p>\n

Thanks to Assiduous Reader P_I<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Emera Incorporated has announced: the applicable dividend rates for its Cumulative Minimum Rate Reset First Preferred Shares, Series J (the \u201cSeries J Shares\u201d) and Cumulative Floating Rate First Preferred Shares, Series K (the \u201cSeries K …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-51797","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51797"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51797\/revisions"}],"predecessor-version":[{"id":51798,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51797\/revisions\/51798"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}