Investor Presentaiton
.
TECO TRANSACTION
Emera to acquire TECO for USD$27.55 per TECO common share (100%
cash consideration)
·
Equity purchase price of USD$6.5bn
48% premium to TECO's unaffected share price and 25% to TECO's
unaffected 52-week high1
Total enterprise value of USD$10.4bn, including assumed TECO debt
Acquisition includes TECO's USD$1.7bn of NOLS and AMT (alternative minimum
tax) credits which provides significant accretion to Emera's cash position
•
Tax-value adjusted LTM enterprise value / EBITDA² multiple of 10.8x
Tax-value adjusted enterprise value / rate base³ multiple of 1.6x
Transaction supported by USD$6.5bn fully committed bridge loans and
upfront mandatory convertible debenture financing
Bridges led by J.P. Morgan and Scotiabank
Mandatory convertible debenture financing provides CAD$2.185bn4 of equity
Expected acquisition close: Mid 2016
1 Unaffected price and 52-week high as of July 15, 2015, the last day prior to TECO's announcement on July 16, 2015 that it was exploring
strategic alternatives; 2 LTM as of June 30, 2015;3 As at December 31, 2014 rate base and includes jurisdictional rate base, assets earning a return
16 through clauses and riders, and construction work in progress. Note: Non-GAAP measures - Emera uses financial measures that do not have
standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other entities. See "Forward-Looking
Information".
EmeraView entire presentation