On January 4, 2017, Just Energy Group Inc. (“Just Energy”) filed a short form base shelf prospectus (the “Base Shelf Prospectus”) with the securities commissions in all provinces of Canada and a corresponding registration statement on Form F-10 with the U.S. Securities and Exchange Commission under the U.S./Canada Multijurisdictional Disclosure System. The Base Shelf Prospectus allows Just Energy to offer up to $1 billion of common shares, preferred shares, subscription receipts, warrants, debt securities, share purchase contracts and units, or any combination thereof, from time to time over a 25-month period.
Pursuant to a prospectus supplement dated January 5, 2018 to the Base Shelf Prospectus, Just Energy renewed its “at-the-market” offering (the “Offering”) in the United States of up to US$146,096,810 million aggregate principal amount of 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares (the “Shares”). Dividends on the Shares will initially accrue at the rate of 8.50% per annum of the US$25.00 liquidation preference per Share and will thereafter accrue at a floating rate. The Shares are convertible into common shares of Just Energy upon a change of control of Just Energy. The Offering is being conducted by B. Riley FBR, Inc. (formerly known as FBR Capital Markets & Co.).
Fasken acted as Canadian counsel to Just Energy in respect of the Base Shelf Prospectus and Offering with a team that included John Sabetti, Will Shaw and Matthew Downer (securities/corporate) and Chris Steeves (tax).
