By Abigail W. Adams
Portland, Me., Feb. 12 – Just Energy Group Inc. priced C$100 million in five-year convertible debentures after the market close Monday with a coupon of 6.75% and an initial conversion premium of 45%.
CIBC Capital Markets and National Bank Financial Inc. are lead underwriters for the bought deal, which carries a greenshoe of C$15 million.
The debentures are non-callable for three years. They are then callable at a 125% hurdle for one year after which they become freely callable.
Proceeds will be used to redeem the company’s 5.75% convertible debentures due Sept. 30, 2018 and for general corporate purposes.
Just Energy Group is a Mississauga, Ont.-based retail energy provider specializing in electricity and natural gas commodities, energy efficiency, and renewable energy options.
| Issuer: | Just Energy Group Inc.
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| Securities: | Convertible unsecured senior subordinated debentures
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| Amount: | C$100 million
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| Greenshoe: | C$15 million
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| Maturity: | March 31, 2023
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| Bookrunners: | CIBC Capital Markets and National Bank Financial Inc.
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| Coupon: | 6.75%
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| Price: | Par
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| Conversion premium: | 45%
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| Conversion price: | C$8.90
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| Conversion rate: | 112.3596
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| Call | Non-callable before March 31, 2021, then callable at a 125% hurdle, freely callable from March 31, 2022
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 22
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| Distribution: | Off shelf
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| Stock symbol: | TSX: JE; NYSE: JE
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| Stock price: | C$6.15 at market close Feb. 12
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| Market capitalization: | C$903.437 million
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