Emera Acquisition of TECO Energy Approved by New Mexico Public Regulation Commission
22 Juin 2016 - 8:33PM
Business Wire
Emera Inc. (“Emera”) (TSX: EMA) and TECO Energy, Inc. (“TECO
Energy”) (NYSE:TE) today announced that the New Mexico Public
Regulation Commission (“NMPRC”) voted unanimously to approve a
Final Order authorizing, among other things, Emera’s proposed
acquisition of TECO Energy and the indirect acquisition of New
Mexico Gas Company, Inc. (“NMGC”) (“Acquisition”).
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“We are pleased that the New Mexico Public Regulation Commission
has voted unanimously to approve the Acquisition and we appreciate
the significant contributions by all parties who participated in
the process, which only through those efforts, allowed us to reach
this successful conclusion,” said Chris Huskilson, President and
CEO of Emera Inc. “We look forward to our future in New Mexico and
supporting the New Mexico Gas Company’s work in serving its
customers and communities. We are excited about the many growth
opportunities we see in both New Mexico and Florida.”
We are awaiting the filing of the NMPRC’s written order. That
filing will complete the final required regulatory approval and
accordingly, all conditions precedent to completing the Acquisition
will have been fulfilled other than the customary closing
conditions. The transaction closing is expected to occur on or
about July 1st, 2016.
Emera will issue on or prior to the closing date a final
instalment notice (the “Final Instalment Notice”) notifying holders
of its 4% convertible unsecured subordinated debentures
(“Debentures”) represented by instalment receipts of the date on
which payment of the final instalment is due, which date shall be
not less than 15 days nor more than 90 days after the date of the
Final Instalment Notice in accordance with the terms of the
instalment receipts. Additional details will be set out in the
Final Instalment Notice regarding, among other things, the right of
holders of Debentures who have paid the final instalment to receive
a make-whole payment and to convert their Debentures into Emera
common shares.
About TECO Energy, Inc.
TECO Energy Inc. (NYSE:TE) is an energy-related holding company
with regulated electric and gas utilities in Florida and New
Mexico. Tampa Electric serves nearly 725,000 customers in West
Central Florida; Peoples Gas serves nearly 365,000 customers across
Florida; and New Mexico Gas Co. serves more than 515,000 customers
across New Mexico.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services
company headquartered in Halifax, Nova Scotia with approximately
$11.5 billion in assets and 2015 revenues of $2.79 billion. The
company invests in electricity generation, transmission and
distribution, as well as gas transmission and utility energy
services with a strategic focus on transformation from high carbon
to low carbon energy sources. Emera has investments throughout
northeastern North America, and in four Caribbean countries. Emera
continues to target having 75-85% of its adjusted earnings come
from rate-regulated businesses. Emera’s common and preferred shares
are listed on the Toronto Stock Exchange and trade respectively
under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and
EMA.PR.F and instalment receipts are listed and trade under the
symbol EMA.IR. Depositary receipts representing common shares of
Emera are listed on the Barbados Stock Exchange under the symbol
EMABDR. Additional Information can be accessed at www.emera.com or
at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within
the meaning of applicable securities laws with respect to, among
other things, the completion of the acquisition of TECO Energy.
Important factors that could cause actual performance and results
to differ materially from those indicated by any such
forward-looking statements include risks and uncertainties relating
to the following: (i) the risk that other conditions to the closing
of the proposed acquisition may not be satisfied; and (ii) the
timing to consummate the acquisition. There can be no assurance
that the proposed acquisition will be completed, or if it is
completed, that it will close within the anticipated time period.
These factors should be considered carefully, and undue reliance
should not be placed on the forward-looking statements. By its
nature, forward-looking information requires the use of assumptions
and is subject to inherent risks and uncertainties. These
statements reflect Emera’s and TECO Energy’s current beliefs and
are based on information currently available to them. There is risk
that predictions, forecasts, conclusions and projections that
constitute forward-looking information will not prove to be
accurate, that the assumptions may not be correct and that actual
results may differ materially from such forward-looking
information. Additional detailed information about these
assumptions, risks and uncertainties is included in (i) Emera’s
securities regulatory filings, including under the heading
“Business Risks and Risk Management” in Emera’s annual Management
Discussion and Analysis, and under the heading “Principal Risks and
Uncertainties” in the notes to Emera’s annual and interim financial
statements which can be found on SEDAR at www.sedar.com and (ii)
under the heading “Risk Factors” in TECO Energy’s Annual Report on
Form 10-K for the year ended December 31, 2015, as updated in
subsequent filings with the U.S. Securities and Exchange
Commission. Except as required by law, Emera and TECO Energy
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160622006314/en/
For more information, please
contact:Emera:Investor Relations:Scott LaFleur,
902-428-6375scott.lafleur@emera.comorMedia:Neera Ritcey,
902-222-2683neera.ritcey@emera.comorTECO Energy:Investor
Relations:Mark Kane,
813-228-1772mmkane@tecoenergy.comorMedia:Cherie Jacobs,
813-228-4945cljacobs@tecoenergy.com
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