Press Release

Morgan Lewis Advises ISM Capital LLP and Mackie Research Capital on Senior Unsecured Convertible Bond Offering for Just Energy Group

Friday, January 24, 2014

LONDON, January 24, 2014: Just Energy Group Inc., a Toronto, Ontario-based competitive retailer of natural gas and electricity, has announced an offering of senior unsecured convertible bonds due 2019 with an issue size of $150 million. The net proceeds of the offering will be used to redeem Just Energy’s outstanding $90 million convertible debentures due September 30, 2014, make market purchases for cancellation of convertible debentures from other series as allowed under its debt covenants, and to pay down the company’s credit line.

The bonds will be convertible into common shares of Just Energy. Applications will be made for the convertible bonds to be admitted to the Official List of the UK Listing Authority and admitted to trading on the Professional Securities Market of the London Stock Exchange. Closing of the offering is expected on or about January 29, 2014. The closing of the offering is subject to receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. ISM Capital LLP and Mackie Research Capital Corporation are acting as joint bookrunners and joint lead managers.

Morgan Lewis served as English law adviser to ISM Capital LLP and Mackie Research Capital. The Morgan Lewis team was led by Business and Finance partner Christopher Harrison and included Business and Finance partners Carter Brod and Allan D. Reiss and associates Thomas Webb and Elizabeth Dennison.