Emera Incorporated announced that the Maritime Link Financing Trust (the “Issuer”) has completed an offering of $500,000,000 aggregate principal amount of 4.048% bonds, designated as Series B, maturing December 1, 2052 (the “Bonds”), at a price of $999.97 per $1,000 principal amount of Bonds (the “Offering”).

The Offering was led by RBC Dominion Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc., and included BMO Nesbitt Burns Inc., TD Securities Inc. and National Bank Financial Inc.

The Bonds benefit from a Canada Guarantee which constitutes a direct, absolute, unconditional and irrevocable obligation of Canada and as such will carry the full faith and credit of Canada. The bonds have been assigned a rating of “AAA” by Standard & Poor’s and a rating of “AAA” by Morningstar DBRS.

The net proceeds of the Offering will be on-lent by the Issuer to NSP Maritime Link Inc. (“NSPML”) to enable it to (i) first, cover financing fees, (ii) second, refund Nova Scotia Power Incorporated (“NSPI”) (for the ratepayer account) payments made on account of the principal and interest payments associated with the Series A Bonds for the period commencing June 1, 2018 and continuing up to and including December 1, 2024, and (iii) third, fund NSPI to partially cover payments made on account of the principal and interest payments scheduled to be paid on June 1, 2025 with respect to the Series A Bonds.

The Bonds have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Source: BUSINESS WIRE