Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 1

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 1
---
) each.
During any deferral period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset
from time to time on any Reset Date occurring during such deferral period in accordance with the terms of the Notes) and, in addition,
interest on deferred interest will accrue at the then applicable interest rate on the Notes (as reset from time to time on any Reset Date
occurring during such deferral period in accordance with the terms of the Notes), compounded semi-annually, to the extent permitted by
applicable law. See “Description of the Notes—Option to Defer Interest Payments.”

The Notes will be fully and
unconditionally guaranteed, on a joint, several and subordinated basis (the “Guarantees”), by Emera Incorporated, a Nova Scotia
company (“Emera”), and Emera US Holdings Inc., a Delaware corporation (“EUSHI,” and together with Emera, the “Guarantors”).
See “Description of the Notes–Guarantees.” EUSHI is a direct and indirect wholly-owned subsidiary of Emera and the Issuer
is a direct, wholly-owned subsidiary of EUSHI.

The Issuer may redeem the
Notes, in whole or in part at the times and the redemption prices described in this prospectus supplement under the caption “Description
of the Notes—Redemption.”

The Notes and the Guarantees
will be the Issuer’s and the Guarantors’ unsecured and subordinated obligations and will (a) be subordinate and rank junior
in right of payment to all existing and future Senior Indebtedness (as defined in “Description of the Notes—Subordination”)
of the Issuer or the relevant Guarantor, (b) rank equally in right of payment with all existing and future unsecured and subordinated
indebtedness that each of the Issuer and the Guarantors may incur from time to time if the terms of such indebtedness provide that it
ranks equally with the Notes and the Guarantees in right of payment, (c) be effectively subordinated to all existing and future secured
indebtedness of the Issuer or the Guarantors, to the extent of the value of the assets securing such indebtedness, and (d) be structurally
subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of Emera’s
direct and indirect subsidiaries