Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 25

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 25
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 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
any payments required to be made under the Notes.

<div align='center'>S-13</div>

An increase in interest
rates could result in a decrease in the relative value of the Notes.

In general, as market interest
rates rise, Notes bearing interest at a fixed rate generally decline in value because the premium, if any, over market interest rates
will decline. Consequently, if you purchase Notes and market interest rates increase, the market value of your Notes may decline. We cannot
predict future levels of market interest rates.

The trading prices for
the Notes will be directly affected by many factors, including our credit rating.

Credit rating agencies continually
revise their ratings for companies they follow or discontinue rating companies, which could include the Issuer. Any ratings downgrade
or decisions by a credit rating agency to discontinue rating us could adversely affect the trading price of the Notes, or the trading
market for the Notes, to the extent a trading market for the Notes develops. The condition of the financial