Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 17

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 17
---
’s flexibility in planning for, or reacting to, changes in its business and the industry 
 in which it operates;                                                                                  |

| · | limiting Emera’s ability to obtain financing in the future for working capital, capital expenditures 
 and general corporate purposes;                                                                      |

| · | making Emera more vulnerable to economic downturns and industry conditions and possibly limiting its ability 
 to withstand competitive pressures;                                                                          |

| · | making it more difficult for Emera to satisfy its indebtedness; and |

| · | increasing Emera’s cost of borrowing. |

If new debt is added to Emera’s
current debt levels, the risks that it now faces would intensify. Emera’s ability to generate sufficient cash flow from operations
to make scheduled payments on its debt will depend on a range of economic, competitive and business factors, many of which are outside
of its control. There can be no assurance that Emera’s business will generate sufficient cash flow from operations to make these
payments, including with respect to the Notes. If Emera is unable to meet its expenses and debt obligations, Emera may need to refinance
all or a portion of its indebtedness before maturity. Emera may not be able to refinance any of its indebtedness on commercially reasonable
terms or at all, which could cause it to default on its obligations and impair its liquidity.

The Notes are obligations
of the Issuer and the Guarantors and not of the Issuer’s or the Guarantors’ subsidiaries and will be subordinated to all other
indebtedness of the Issuer and the Guarantors (other than any unsecured indebtedness the Issuer or the Guarantors may incur in the future
that ranks junior to or pari passu

<div align='center'>S-9</div>

with the Notes) and structurally
subordinated to the claims of the Issuer’s and the Guarantors’ subsidiaries’ creditors.

The Notes will be subordinated
in right of payment to all of the Issuer’s and the Guarantors’ existing and future Senior Indebtedness. This means that, in
the event of (a) the Issuer’s or the Guarantors’ dissolution, winding-up, liquidation or reorganization, (b) the Issuer’s
or the Guarantors’ failure to pay any interest, principal or other monetary amounts due on any of its Senior Indebtedness when due
(and continuance of that default beyond any applicable grace period)