Investor Presentaiton
17
FINANCING STRATEGY SUPPORTS EXISTING CREDIT PROFILE
Successful upfront convertible debenture financing provides CAD$2.185bn of
equity; expected to fully address Emera's common equity financing needs for the
acquisition
Expected ranges for financing plan:
Common Equity and available sources
-
USD$1.7bn USD$2.1bn
□ Preferred Equity
USD$0.8bn - USD$1.2bn
USD$3.4bn - USD$3.8bn
☐ Debt
Currency risk hedged for convertible debenture financing¹. First instalment of
convertible debenture held directly in USD$ treasuries. Currency exchange forward
contract in place for second instalment.
Most of the preferred share and debt financing targeted in USD$, providing
significant natural currency hedge.
Effectively approximately 85% of USD$6.5 billion required to close deal FX hedged.
Incremental common equity financing through 2016, if any, in support of capital
expenditures remains modest and consistent with previous estimates of between
CAD$0 and CAD$300mm
1Hedged at approximate rate of $1.30 USD/CAD
EmeraView entire presentation