On February 7, 2017, Just Energy Group Inc. (TSX: JE) (NYSE: JE) announced that it had closed its underwritten public offering of 4,000,000 of its 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares for gross proceeds of US$100 million. The company has granted the underwriters an option exercisable for 30 days from January 30, 2017, exercisable in whole or in part, to purchase up to 600,000 additional Preferred Shares at the same price and on the same terms. Trading of the Preferred Shares on the New York Stock Exchange under the symbol JE.PR.A and on the Toronto Stock Exchange under the Symbol JE.PR.U is expected to begin within 30 days.
Stifel, Nicolaus & Company, Incorporated, FBR Capital Markets & Co. and National Bank Financial Inc. acted as joint book-running managers of the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, Canaccord Genuity Corp., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co., Inc. and Wunderlich Securities, Inc. acted as co-lead managers of the offering. Boenning & Scattergood, Inc., National Securities Corporation and Northland Securities, Inc. acted as co-managers of the offering.
The offering is being made by means of a prospectus and related prospectus supplement complying with, and meeting the requirements under, a multijurisdictional disclosure system adopted by the United States and Canada, which permits Just Energy to prepare the prospectus and related prospectus supplement in accordance with Canadian disclosure requirements.
Just Energy is a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, with offices located across the United States, Canada, the United Kingdom and Germany.
Miller Thomson was Canadian counsel to the underwriters in this transaction with a team that was led by Jay Hoffman and that included Philip Long and Mack Hosseinian (corporate/securities) and Gerald Courage (tax).