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. Co. owns and operates regulated electric and gas utilities in Canada, the U.S. and the Caribbean. Co. invests in electricity generation, transmission and distribution and gas transmission and distribution. Co.'s reportable segments are: Florida Electric Utility, Canadian Electric Utilities, Other Electric Utilities, Gas Utilities and Infrastructure and Other. Co.'s Florida Electric Utility segment consists of Tampa Electric Company, a regulated electric utility, serving customers in West Central Florida. Co.'s Canadian Electric Utilities segment includes Nova Scotia Power Inc., and Emera Newfoundland & Labrador Holdings Inc.