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Emera declares dividend rates for 1st preferred shares

Emera Inc. on Jan. 16 declared dividend rates for its series F and series G first preferred shares.

The company announced an applicable annual dividend rate of 4.202% per share on its cumulative rate reset first preferred series F shares, or 26.26 Canadian cents. The series F dividend rate is equal to the sum of the Government of Canada bond yield as of Jan. 16, plus 2.63%, payable quarterly on Feb. 15, May 15, Aug. 15 and Nov. 15 each year, starting on Feb. 15 and ending on Feb. 14, 2025.

Likewise, the company also announced the applicable dividend rate of 4.278% on its cumulative floating-rate first preferred series G shares, or 26.37 Canadian cents, for the three-month period from Feb. 15 to May 14, plus 2.63% payable on May 15. The quarterly floating dividend rate will be reset every quarter.

Emera offered the option to convert the series G shares into series F shares on Feb. 15. However, if there are less than 1 million series F shares on the conversion date, all of them will be converted into series G on a one-for-one basis. Alternatively, if there are less than 1 million series G shares on the conversion date, none of the series F shares will be converted into series G.

The conversion period runs from Jan. 16 until 5:00 p.m. ET on Jan. 31.