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New financing stops bleeding at Just Energy

The uncertainty surrounding Just Energy Group Inc.’s dividend is dissipating after Canada Pension Plan Investment Board stepped in as a saviour.

The retailer of natural gas and electricity is borrowing $105-million from CPPIB at a coupon of 9.75 per cent, and will pay the money back in five and a half years. Without the emergency funding, no one knew how Just Energy would pay its rich dividend in the near future.