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Nova Scotia Power Inc. to Issue $400 Million of Medium Term Notes

T.EMA | March 28, 2019

Nova Scotia Power Inc. to Issue $400 Million of Medium Term Notes

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Nova Scotia Power Inc. (“NSPI”) today announced that it has agreed to issue $400 million Series AB medium term notes which will bear interest at the rate of 3.571% per annum payable semi-annually (the “Notes”) until April 5, 2049 (the "Offering").

The Notes will be issued pursuant to NSPI’s short form prospectus dated March 28, 2019. The issue is expected to close on or about April 4, 2019, subject to customary closing conditions.

The net proceeds from the Offering will be added to the general funds of NSPI and applied primarily to refinance existing indebtedness including bank indebtedness, to finance capital expenditures and for other general corporate purposes.

The Offering is being made to the public through a syndicate of agents led by CIBC World Markets Inc. and Scotia Capital Inc. and including RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc.

This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in the United States or in any province, state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of the United States or any such province, state or other jurisdiction. These securities may not be offered or sold in the United States absent registration or an exemption from registration. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form prospectus.

Forward Looking Information

This news release contains forward looking information within the meaning of applicable securities laws with respect to, among other things, the timing and completion of the Offering as well as the use of proceeds with respect thereto. There can be no assurance that the proposed Offering will be completed, or if it is completed, that it will close within the anticipated time period. By its nature, forward-looking information requires NSPI to make assumptions and is subject to inherent risks and uncertainties. These statements reflect NSPI management’s current beliefs and are based on information currently available to NSPI management. Additional detailed information about these assumptions, risks and uncertainties is included in NSPI’s securities regulatory filings, including its Annual Information Form, annual and interim Management’s Discussion and Analysis, and in the notes to NSPI’s annual and interim financial statements, which filings can be found on SEDAR at www.sedar.com.

About Nova Scotia Power

Nova Scotia Power is a wholly-owned subsidiary of Emera Inc. (TSX:EMA), a geographically diverse energy and services company headquartered in Halifax, Nova Scotia. Nova Scotia Power is a fully integrated electric utility and the primary electricity supplier in Nova Scotia, Canada and provides generation, transmission and distribution services to approximately 519,000 customers. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has approximately 1,800 active employees and approximately $5.1 billion in assets.