Just Energy reached agreement with its syndicate of lenders to renew and extend its revolving credit facility for a period of two years from the closing date of October 2, 2013. Based on projected operating requirements, the line has been set at $300 million with a Just Energy option to draw up to $340 million between closing and February 28, 2014. The pricing of the renewed facility is the same as that of the previous extension and, in our estimation, removes significant balance sheet risk from the company.
The agreement has been reached with a syndicate of 7 banks led by Canadian Imperial Bank of Commerce and including Royal Bank of Canada, National Bank of Canada, The Toronto Dominion Bank, The Bank of Nova Scotia, Alberta Treasury Branches and HSBC Bank Canada.
Posted by Scott Sinclair, Range Advisors
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