Just Energy Group renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce, National Bank of Canada, HSBC Bank Canada, JPMorgan Chase, ATB Financial and Canadian Western Bank. Morgan Stanley Senior Funding joined the syndicate.
Current lenders, CIBC and NBC, served as joint arrangers and joint bookrunners. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020 and increased the size to $352.5 million from $342.5 million, with an accordion for the company to draw up to $370 million.
“The successful renegotiation of our credit facility under favorable, extended terms further validates our company’s strong business model and long-term outlook,” said Pat McCullough, CEO of Just Energy.
Established in 1997, Toronto-based Just Energy is a retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions and renewable energy options.