The holders of Series C Preferred Shares will have the right to convert their shares into Cumulative Floating Rate First Preferred Shares, Series D (the "Series D Preferred Shares"), subject to certain conditions, on August 15, 2018 and on August 15 of every fifth year thereafter. The holders of the Series D Preferred Shares will be entitled to receive quarterly floating rate cumulative dividends, as and when declared by the board of directors of Emera, at a rate equal to the sum of the then 90-day Government of Canada treasury bill rate plus 2.65 per cent.
4.10% for the initial six-year period ending on August 15, 2018. The dividend rate will be reset on August 15, 2018 and every five years thereafter at a rate equal to the sum of the then five-year Government of Canada bond yield plus 2.65
Emera is an energy and services company which invests in electricity generation, transmission and distribution and gas transmission and distribution. Co. has five reportable segments: Florida Electric Utility, which consists of Tampa Electric; Canadian Electric Utilities, which includes Nova Scotia Power Inc. and Emera Newfoundland & Labrador Holdings Inc.; Other Electric Utilities, which includes Emera Maine and Emera (Caribbean) Incorporated; Gas Utilities and Infrastructure, which includes New Mexico Gas Company, Inc. and Emera Brunswick Pipeline Company Limited; and Other, which includes Emera Energy and corporate holding and financing companies.