By Marisa Wong
Los Angeles, March 24 – Nova Scotia Power Inc. announced that it completed an offering of C$300 million of notes due Nov. 15, 2032, series 2023-1, and C$200 million of notes due March 24, 2053, series 2023-2.
The notes were offered on a private placement basis in each of the provinces of Canada, according to a press release.
The 2032 notes bear interest at the rate of 4.951%, and the 2053 notes carry a coupon of 5.355%.
The offering was made through a syndicate of agents led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc.
Proceeds from the offering will be added to the general funds of the company and applied primarily to refinance existing debt, including bank debt, to finance capital expenditures and for other general corporate purposes.
Nova Scotia Power is a subsidiary of Emera Inc., based in Halifax, N.S. The company provides electricity generation, transmission and distribution services.
| Issuer: | Nova Scotia Power Inc.
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| Issue: | Notes
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| Amount: | C$500 million
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| Agents: | BMO Nesbitt Burns Inc. and Scotia Capital Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc.
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| Announcement date: | March 24
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| Distribution: | Canadian private placement
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| Series 2023-1 notes
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| Issue: | Series 2023-1 notes
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| Amount: | C$300 million
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| Maturity: | Nov. 15, 2032
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| Coupon: | 4.951%
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| Series 2023-2 notes
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| Issue: | Series 2023-2 notes
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| Amount: | C$200 million
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| Maturity: | March 24, 2053
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| Coupon: | 5.355%
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