Just Energy Completes Offering of Convertible Bonds

Just Energy Group Inc., a competitive retailer of natural gas and electricity, announced that it had completed a European-focused offering of senior unsecured convertible bonds due 2019 for aggregate gross proceeds of US$150 million. The bonds are convertible into common shares of Just Energy. In connection with the offering, ISM Capital LLP and Mackie Research Capital Corporation acted as joint bookrunners and joint lead managers (Managers).

Just Energy intends to use the net proceeds of the Offering to redeem its outstanding $90 million convertible debentures due Sep. 30, 2014, make market purchases for cancellation of convertible debentures from other series as allowed under its debt covenants and to pay down Just Energy's senior credit line.

Just Energy was represented internally by Jonah Davids (Senior Vice President, Legal And Regulatory and General Counsel) and Eli Cranley (Legal Counsel) and assisted in this transaction by a team from Fasken Martineau DuMoulin LLP's Toronto and London office including, among others, Aaron Stefan, Francis Nwokedi and Louise Kennedy (banking and finance); John Sabetti, Francesco Tallarico, June Paddock and Helen Sutcliffe (corporate and securities) and Christopher Steeves (tax).

Morgan Lewis & Bockius LLP acted as English counsel to the Managers with a team led by Christopher Harrison (business and finance) and including Carter Brod and Allan Reiss (business and finance), and Thomas Webb and Elizabeth Dennison. Blake, Cassels & Graydon LLP acted as Canadian counsel to the Managers with a team including Jeff Glass and Neil Lacroix from the Toronto office and Jennifer Maxwell from the London office (all securities).

The senior lenders to Just Energy were represented by McCarthy Tétrault LLP with a team that included Justin Lapedus and D.J. Lynde.