Emera Acquisition of TECO Energy Approved by New Mexico Public Regulation Commission
Emera Inc. (“Emera”) (TSX: EMA) and TECO Energy, Inc. (“TECO Energy”) (NYSE:TE) today announced that the New Mexico Public
Regulation Commission (“NMPRC”) voted unanimously to approve a Final Order authorizing, among other things, Emera’s proposed
acquisition of TECO Energy and the indirect acquisition of New Mexico Gas Company, Inc. (“NMGC”) (“Acquisition”).
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“We are pleased that the New Mexico Public Regulation Commission has voted unanimously to approve the Acquisition and we
appreciate the significant contributions by all parties who participated in the process, which only through those efforts, allowed
us to reach this successful conclusion,” said Chris Huskilson, President and CEO of Emera Inc. “We look forward to our future in
New Mexico and supporting the New Mexico Gas Company’s work in serving its customers and communities. We are excited about the many
growth opportunities we see in both New Mexico and Florida.”
We are awaiting the filing of the NMPRC’s written order. That filing will complete the final required regulatory approval and
accordingly, all conditions precedent to completing the Acquisition will have been fulfilled other than the customary closing
conditions. The transaction closing is expected to occur on or about July 1st, 2016.
Emera will issue on or prior to the closing date a final instalment notice (the “Final Instalment Notice”) notifying holders of
its 4% convertible unsecured subordinated debentures (“Debentures”) represented by instalment receipts of the date on which payment
of the final instalment is due, which date shall be not less than 15 days nor more than 90 days after the date of the Final
Instalment Notice in accordance with the terms of the instalment receipts. Additional details will be set out in the Final
Instalment Notice regarding, among other things, the right of holders of Debentures who have paid the final instalment to receive a
make-whole payment and to convert their Debentures into Emera common shares.
About TECO Energy, Inc.
TECO Energy Inc. (NYSE:TE) is an energy-related holding company with regulated electric and gas utilities in Florida and New
Mexico. Tampa Electric serves nearly 725,000 customers in West Central Florida; Peoples Gas serves nearly 365,000 customers across
Florida; and New Mexico Gas Co. serves more than 515,000 customers across New Mexico.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately
$11.5 billion in assets and 2015 revenues of $2.79 billion. The company invests in electricity generation, transmission and
distribution, as well as gas transmission and utility energy services with a strategic focus on transformation from high carbon to
low carbon energy sources. Emera has investments throughout northeastern North America, and in four Caribbean countries. Emera
continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares
are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and
EMA.PR.F and instalment receipts are listed and trade under the symbol EMA.IR. Depositary receipts representing common shares of
Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws with respect to, among
other things, the completion of the acquisition of TECO Energy. Important factors that could cause actual performance and results
to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to the
following: (i) the risk that other conditions to the closing of the proposed acquisition may not be satisfied; and (ii) the timing
to consummate the acquisition. There can be no assurance that the proposed acquisition will be completed, or if it is completed,
that it will close within the anticipated time period. These factors should be considered carefully, and undue reliance should not
be placed on the forward-looking statements. By its nature, forward-looking information requires the use of assumptions and is
subject to inherent risks and uncertainties. These statements reflect Emera’s and TECO Energy’s current beliefs and are based on
information currently available to them. There is risk that predictions, forecasts, conclusions and projections that constitute
forward-looking information will not prove to be accurate, that the assumptions may not be correct and that actual results may
differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and
uncertainties is included in (i) Emera’s securities regulatory filings, including under the heading “Business Risks and Risk
Management” in Emera’s annual Management Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the
notes to Emera’s annual and interim financial statements which can be found on SEDAR at www.sedar.com and (ii) under the heading “Risk Factors” in TECO Energy’s Annual Report on Form 10-K for the year
ended December 31, 2015, as updated in subsequent filings with the U.S. Securities and Exchange Commission. Except as required by
law, Emera and TECO Energy disclaim any intention or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information, please contact:
Emera:
Investor Relations:
Scott LaFleur, 902-428-6375
scott.lafleur@emera.com
or
Media:
Neera Ritcey, 902-222-2683
neera.ritcey@emera.com
or
TECO Energy:
Investor Relations:
Mark Kane, 813-228-1772
mmkane@tecoenergy.com
or
Media:
Cherie Jacobs, 813-228-4945
cljacobs@tecoenergy.com
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