Just Energy Group entered into a stalking horse transaction agreement and a support agreement in connection with a proposed sale and investment solicitation process (SISP) that is intended to facilitate its exit from the company’s ongoing insolvency proceedings as a going concern.
The Ontario Superior Court of Justice approved an amendment to the interim debtor-in-possession financing term sheet between Just Energy Group and its DIP lenders to, among other things, extend the maturity of the DIP facility to Sept. 30, 2022.
Just Energy Group received creditor protection from the Ontario Superior Court of Justice and is seeking similar protection under Chapter 15 of the U.S. Bankruptcy Code. Just Energy also reached an agreement for a $125 million DIP financing.
Just Energy Group increased the capacity of its credit facility by C$50 million ($37.2 million) to C$342.5 million ($254.8 million) via a letter of credit provided by Canadian Imperial Bank of Commerce.
Just Energy Group confirmed the company has renegotiated an agreement with a syndicate of lenders, including CIBC as administrative agent, which increases capacity, lengthens term and improves rate.