Just Energy Announces Amendments to Debt Covenants
July 2, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
The following story is brought free of charge to readers byEC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com
Just Energy Group Inc. ("Just Energy" or the "Company") announced today that it has amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.00:1 and the total debt to EBITDA covenant from 3.50:1 to 4.00:1 with respect to the fiscal quarter ending June 30, 2020.
"In addition, the lenders under the Company’s senior unsecured term loan facility waived compliance with the senior debt to EBITDA and total debt to EBITDA covenants contained therein for the fiscal quarter ending June 30, 2020," Just Energy said
"The relaxation of our debt covenants provides Just Energy with increased financial flexibility as we navigate the unique challenges brought about by COVID-19," said Scott Gahn, President and Chief Executive Officer of Just Energy. "We continue to have constructive discussions with our senior lenders on a more robust extension of our credit facility to support the long-term health of the business."