Just Energy Group Inc., a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, announced today that it will redeem the outstanding $94,652,000 principal amount of its 6.0% Convertible Debentures scheduled to mature on June 30, 2017 (TSX:JE.DB) (the "Debentures") on February 21, 2017 (the "Redemption Date"). On the Redemption Date, Just Energy will pay in cash to the holders of Debentures, a redemption price equal to $1,008.5479 for each $1,000 principal amount of Debentures, being equal to the aggregate of $1,000 principal amount and all accrued plus unpaid interest thereon to but excluding the Redemption Date, in each case less any taxes required to be deducted or withheld. Formal notice of redemption is being delivered to the holders of Debentures in accordance with the terms of the trust indenture governing such debentures. The Redemption Date shall also constitute the time of expiry in respect of the conversion right attached to the Debentures.
Commenting on the redemption, Just Energy CFO Patrick McCullough said, "Completing the early redemption of the remaining June 2017 convertible debentures is a significant milestone in our strategic reset of the company's debt profile. Today's announcement supports our ongoing commitment to achieving and maintaining a strong, stable balance sheet, while pursuing strategic growth."
Source: Just Energy Group Inc.
Date: Jan 17, 2017