"Just Energy to sell Hudson for $23-million (U.S.)
JUST ENERGY REACHES AGREEMENT ON THE SALE OF HUDSON ENERGY SOLAR CORP.
Just Energy Group Inc. has entered into an agreement to sell the shares of Hudson Energy Solar Corp., its commercial solar development business, to a leading global energy company.
The purchase price to be paid will allow the assumption or repayment by the purchaser of approximately $33-million (U.S.) in outstanding debt plus the payment of approximately $23-million (U.S.) cash at closing. After deducting certain transaction costs, the net proceeds will be used for general corporate purposes, including reducing the balance on Just Energy's revolving credit facility. The final sales price and net proceeds may be subject to certain adjustments, including for working capital balances, as well as potential earn-out payments. Closing is expected on or around Sept. 30, 2014. The sale is contingent upon consents of various lenders. "