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Emera launches common offering to fund growth initiatives

Emera Inc. agreed to sell 14,614,000 common shares at C$47.90 apiece for gross proceeds of about C$700.0 million, according to a Dec. 6 company statement.

The shares are being sold in bought-deal offering through a syndicate of underwriters, led by RBC Capital Markets, CIBC Capital Markets, Scotiabank and TD Securities Inc. as joint bookrunners.

The company also granted the underwriters a 30-day option to purchase up to an additional 1,045,000 shares. If the overallotment option is exercised in full, the gross proceeds will amount to about C$750.1 million.

Emera plans to use net proceeds to support its recently announced growth initiatives and general corporate purposes.

The offering is expected to close by Dec. 28.