Just Energy Group Inc.’s $1.1 Billion Recapitalization

Osler, Hoskin & Harcourt LLP advised Just Energy Group Inc. with its $1.1 billion recapitalization transaction.

Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers. Just Energy is listed on the Toronto Stock Exchange and the New York Stock Exchange, is headquarted in Ontario and has nearly 900 employees worldwide. The Recapitalization Transaction followed from Just Energy’s strategic review and was implemented to strengthen and de-risk the business, positioning the company for sustainable growth as an independent industry leader.

The Recapitalization Transaction closed on September 28, 2020, leaving Just Energy in a more solid financial position and positioning the company to focus on strategy execution and client service.

Achieving a consensual recapitalization was particularly challenging in the circumstances given Just Energy’s complex capital structure and the competing interests of its various stakeholders. Several aspects of the recapitalization transaction were novel in the context of Canadian arrangement transactions of this nature and highlight the flexibility of the CBCA as a tool for implementing consensual balance sheet recapitalization transactions.

Osler, Hoskin & Harcourt LLP advised Just Energy Group Inc. with a team led by Marc Wasserman (Picture) and Jeremy Fraiberg, and consisted of Michael De Lellis, Martino Calvaruso, Dave Rosenblat, Justine Erickson (Insolvency and Restructuring), Alex Gorka, Donald Gilchrist, Rob Lando, Kevin Feng, Kojo Hayward, Jie Chai, William Heisey (Corporate), Jeremy Dacks, Craig Lockwood, Waleed Malik (Litigation), Firoz Ahmed, Drew Morier, Masoud Tasharofi (Taxation) and Jacqui Code (Research).

Involved fees earner: Firoz Ahmed – Osler Hoskin & Harcourt; Martino Calvaruso – Osler Hoskin & Harcourt; Jie Chai – Osler Hoskin & Harcourt; Jacqueline Code – Osler Hoskin & Harcourt; Jeremy Dacks – Osler Hoskin & Harcourt; Michael De Lellis – Osler Hoskin & Harcourt; Justine Erickson – Osler Hoskin & Harcourt; Kevin Feng – Osler Hoskin & Harcourt; Jeremy Fraiberg – Osler Hoskin & Harcourt; Donald Gilchrist – Osler Hoskin & Harcourt; Alex Gorka – Osler Hoskin & Harcourt; Kojo Hayward – Osler Hoskin & Harcourt; William Heisey – Osler Hoskin & Harcourt; Rob Lando – Osler Hoskin & Harcourt; Craig Lockwood – Osler Hoskin & Harcourt; Waleed Malik – Osler Hoskin & Harcourt; Drew Morier – Osler Hoskin & Harcourt; David Rosenblat – Osler Hoskin & Harcourt; Masoud Tasharofi – Osler Hoskin & Harcourt; Marc Wasserman – Osler Hoskin & Harcourt;

Law Firms: Osler Hoskin & Harcourt;

Clients: Just Energy Group Inc.;

Author: Ambrogio Visconti