Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 25

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 25
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 Issuer.

The Issuer’s cash flow
is dependent on the operating cash flows of Emera and its subsidiaries and their ability to pay cash to the Issuer. As a result, distributions
or advances from Emera and its subsidiaries are the principal source of funds necessary to meet the debt service obligations of the Issuer.
Contractual provisions or laws, as well as Emera’s and its subsidiaries’ financial condition and operating requirements, may
limit the ability of the Issuer to obtain cash from Emera and its subsidiaries that it requires to pay its debt service obligations, and
may also limit the ability of the Guarantors to meet their obligations under their respective Guarantees, including any payments required
to be made under the Notes. In addition, certain of Emera’s businesses are regulated by entities that possess broad oversight powers
to ensure that the needs of utility customers are being met. While Emera is not currently aware of any plans to do so, such regulators
could attempt to impose restrictions on the ability of Emera or its subsidiaries to pay cash to the Issuer pursuant to these broad powers.
Other than EUSHI and the Issuer, the subsidiaries of Emera are legally distinct and have no obligations to pay amounts due on the indebtedness
of the Issuer or the Guarantors, or to make funds available for such payment. In addition, non-guarantor subsidiaries of Emera will be
permitted under the terms of the Indenture to incur additional indebtedness that may restrict or prohibit the making of distributions,
the payment of dividends or the making of loans by such subsidiaries to the Issuer and the Guarantors. The agreements governing current
and future indebtedness of Emera’s subsidiaries may not permit such subsidiaries to provide Emera with sufficient dividends, distributions
or loans to fund payments on the Notes when due.

The Guarantors are holding
companies.

The Guarantors are holding
companies and depend on dividends and other distributions from their subsidiaries. Each of Emera and EUSHI conducts substantially all
its operations through subsidiaries, and those subsidiaries generate substantially all of its operating income and cash flow. As a result,
distributions or advances from those subsidiaries are the principal source of funds necessary to meet the debt service obligations of
the Guarantors. Contractual provisions or laws, as well as the subsidiaries’ financial condition and operating requirements, may
limit the ability of the Guarantors to obtain cash from their subsidiaries that they require to pay their debt service obligations, including