HALIFAX, Nova Scotia--(BUSINESS WIRE)--Nova Scotia Power Incorporated (“NSPI” or the “Company”) today announced that it has completed an offering of $300 million Notes Due April 25, 2050 (Unsecured), Series 2020-1 (the “Notes”) on a private placement basis (the “Offering”) pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws. The Notes bear interest at the rate of 3.307% per annum until April 25, 2050.
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 was made through a syndicate of agents led by Scotia Capital Inc. and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities 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.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws with respect to Offering, including the use of proceeds with respect thereof. 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 under the Company’s profile on SEDAR at www.sedar.com.
About Nova Scotia Power
Nova Scotia Power is a wholly owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company headquartered in Halifax, Nova Scotia. Nova Scotia Power provides 95% of the generation, transmission and distribution of electrical power to more than 520,000 residential, commercial and industrial customers across Nova Scotia. The Company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has over 1,700 employees and $4.1 billion in assets. Learn more at www.nspower.ca