Daily News: January 4, 2017

CIBC Provides $37MM L/C to Just Energy


Just Energy Group, a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions and renewable energy options, amended and restated its credit facility led by the Canadian Imperial Bank of Canada to increase the capacity under the credit facility by C$50 million ($37.2 million) to C$342.5 million ($254.8 million) by adding a letter of credit.

The principal amount outstanding under the L/C facility is guaranteed by Export Development Canada (EDC) under EDC’s account performance security guarantee program.

“We are pleased to announce the addition of the L/C facility through our long-time lender Canadian Imperial Bank of Commerce with the support of EDC alongside our other existing banking relationships,” said EDC Chief Financial Officer Pat McCullough. “Securing the L/C facility under EDC’s Account Performance Security Guarantee Program validates our strong credit worthiness, business model and long-term outlook, while providing Just Energy with increased financial flexibility to support our growth strategy, focusing on new geographies, innovative products and new energy management solutions that will continue to disrupt the traditional utility model.”