Emera $500 million fixed-to-fixed reset rate junior subordinated notes offering

Davis Polk advised EUSHI Finance Inc., an indirect wholly owned subsidiary of Emera Incorporated, in connection with the $500 million offering of 7.625% fixed-to-fixed reset rate junior subordinated notes due 2054. The notes were sold pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The notes are subject to a registration rights agreement and are guaranteed by Emera and Emera US Holdings Inc., a direct and indirect wholly owned subsidiary of Emera.

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $39 billion in assets and 2023 revenues of $7.6 billion. Emera primarily invests in regulated electricity generation and electricity and gas transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in three Caribbean countries. 

The Davis Polk capital markets team included partner Byron B. Rooney, counsel Chris Van Buren and associates Steven Glendon, Juan Diego Tibaduiza and Megan P. Phansalkar. The tax team included partner William A. Curran and associate Danielle Rapaccioli. Counsel Leon E. Salkin and associate Caleb Beavers provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.