Emera, seeking to raise billions, faces new preferred share landscape

, International

This week Emera took another step on the way to rounding up the cash need to fund the US$10.4 billion acquisition of TECO Energy.

Emera, which expects to close the acquisition by mid-year, raised $544 million from the sale of most of its stake in Algonquin Power & Utilities Corp. After the share sale, Emera — which is expected to receive the second instalment of a $2.185 billion offering of convertible debentures when the TECO deal gets the final green light — will own about five per cent of Algonquin.

But lots of capital still needs to be raised — even if it seems that all the common equity has been obtained. In a presentation unveiled this week, Emera indicated it is seeking between US$3.4 billion and US$3.8 billion of debt (the US$10.4 billion acquisition cost includes US$3.9 billion of assumed debt). It is also after US$0.8 billion to US$1.2 billion in either preferred equity or hybrid securities.

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