Just Energy Group Announces Favorable Renegotiation Of Credit Facility

Just Energy Group Inc. announced that the company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (National), HSBC Bank Canada, JPMorgan Chase Bank N.A., ATB Financial and Canadian Western Bank.

In addition, Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A., joined the syndicate.

The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million (all $ Canadian).

Just Energy said that the credit facility provides the Company with increased financial flexibility to support its global growth strategy.

"The new facility, combined with strong earnings and cash flow generation, exceeds our working capital liquidity needs and supports our expected near-term growth investments," said Pat McCullough, Chief Executive Officer of Just Energy

Current lenders, CIBC and National served as Co-Lead Arrangers and Joint Bookrunners.