Retail Supplier Receives $105 Million Investment

Just Energy Group Inc. announced that it has closed an investment with CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board.

The investment is in the form of C$105 million of unsecured, five and a half year term notes with a 9.75% coupon (the "Notes"), issued pursuant to a trust indenture with Computershare Trust Company of Canada (the "Indenture").

Just Energy intends to use the net proceeds from the financing to, "reduce its drawings on its working capital line, fund future growth and for general corporate purposes."

CIBC World Markets Inc. and National Bank Financial Inc. acted as agents on the transaction.

Ken Hartwick, Chief Executive Officer of Just Energy, said: "This financing is important to Just Energy because it provides the capital necessary to fund our growth and support near term refinancing requirements. We will continue to assess our capital needs to ensure that a stable, long term funding model remains in place."

The key terms of the Notes are as follows:

Principal: C$105 million investment

Coupon: 9.75%

Pricing: Issued at par

Ranking: Senior unsecured indebtedness

Term: Five and a half years

Prepayment: Make whole and change of control provisions as described in the Indenture

Covenants: Certain customary covenants with respect to additional debt incurrence, dividends, asset sales and other usual covenants to be set forth in the Indenture