19.

LONG-TERM DEBT AND FINANCING

	Maturity	March 31, 2018			March 31, 2017
Credit facility (a)	September 1, 2018	$	122,115		$	68,258
Less: Debt issue costs (a)			(664	)		(2,257	)
6.75% 100M convertible debentures (b)	March 31, 2023		85,760			-
6.75% 160M convertible debentures (c)	December 31, 2021		148,146			145,579
6.5% convertible bonds (d)	July 29, 2019		188,147			190,486
5.75% convertible debentures (e)	September 30, 2018		-			96,022
			543,504			498,088
Less: Current portion			(121,451	)		-
			422,053			498,088

Future annual minimum repayments are as follows:

	Less than 1 year		1-3 years		4-5 years		More than 5 years		Total

Credit facility (a)	$	122,115	$	-	$	-	$	-	$	122,115
6.75% $100M convertible debentures (b)		-				100,000				100,000
6.75% $160M convertible debentures (c)		-		-		160,000		-		160,000
6.5% convertible bonds (d)		-		193,410		-		-		193,410
	$	122,115	$	193,410	$	260,000	$	-	$	575,525

The details for long-term debt is as follows:

	As at April 1, 2017		Cash inflows / (outflows)			FX			Non-cash changes			As at March 31, 2018

Credit facility (a)	$	66,001	$	53,857		$	-		$	1,593		$	121,451
6.75% $100M convertible debentures (b)		-		95,869			-			(10,109	)		85,760
6.75% $160M convertible debentures (c)		145,579		-			-			2,567			148,146
6.5% convertible bonds (d)		190,486		-			(6,101	)		3,761			188,147
5.75% convertible debentures (e)		96,022		(100,000	)		-			3,978			-
		498,088		49,726			(6,101	)		1,790			543,504
Less: Current portion		-		-			-			-			(121,451	)
		498,088		49,726			(6,101	)		1,790			422,053

	As at April 1, 2016			Cash inflows / (outflows)			FX		Non-cash changes			As at March 31, 2017

Credit facility (a)	$	(2,980	)	$	68,258		$	-	$	723		$	66,001
6.75% $160M convertible debentures (c)		-			152,407			-		(6,828	)		145,579
6.5% convertible bonds (d)		182,564			-			4,309		3,613			190,486
5.75% convertible debentures (e)		93,637			-			-		2,385			96,022
6.0% convertible debentures (f)		311,028			(321,261	)		-		10,233			-
Senior unsecured note (g)		76,294			(80,000	)		-		3,706			-
		660,543			(180,596	)		4,309		13,832			498,088

The following table details the finance costs for the year ended

March 31.

Interest is expensed

based on the effective interest rate.

	2018		2017
Credit facility (a)	$	12,883	$	10,564
6.75% $100M convertible debentures (b)		497
6.75% $160M convertible debentures (c)		12,773		7,090
6.5% convertible bonds (d)		15,753		16,418
5.75% convertible debentures (e)		9,173		8,135
6.0% convertible debentures (f)		-		19,396
Loss on redemption of 6.0% convertible debentures (f)		-		4,415
Senior unsecured note (g)		-		10,999
Unwinding of discount and other		4,893		1,060
	$	55,972	$	78,077

(a)

As at

March 31, 2018,

Just Energy has a

$342.5

million credit facility to meet working capital requirements, which includes an increase to the capacity by

$50

million for a letter of credit facility (the “LC facility”), effective

December 30, 2016.

The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce (“CIBC”), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank.

Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of

3.40%.

Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus

2.40%

and letters of credit are at a rate of

3.40%.

Interest rates are adjusted quarterly based on certain financial performance indicators.

As at

March 31, 2018,

the Canadian prime rate was

3.45%

and the U.S. prime rate was

4.75%.

Just Energy has drawn

$122.1

million against the facility and the total letters of credit outstanding as of the current period amounted to

$113.4

million (

2017

$109.2

million). As at

March 31, 2018,

Just Energy has

$102

million of the facility remaining as well as a

million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at

March 31, 2018,

the Company was compliant with all of these covenants.

Subsequent to

March 31, 2018,

the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional

two

years to

September 1, 2020.

For further details please refer to Note

to the consolidated financial statements.

(b)

February 22, 2018,

Just Energy issued

$100

million of convertible unsecured senior subordinated debentures (the

“6.75%

$100

million convertible debentures”). The

6.75%

$100

million convertible debentures bear interest at an annual rate of

6.75%,

payable semi-annually in arrears on

March 31

and

September 30

in each year, and have a maturity date of

March 31, 2023.

Each

$1,000

principal amount of the

6.75%

$100

million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into

112.3596

common shares of Just Energy, representing a conversion price of

$8.90,

subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion.

The

6.75%

$100

million convertible debentures will

not

be redeemable at the option of the Company on or before

March 31, 2021.

After

March 31, 2021

and prior to

March 31, 2022,

the

6.75%

$100

million convertible debentures

may

be redeemed in whole or in part from time to time at the option of the Company on

not

more than

days’ and

not

less than

days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the “TSX”) for the

consecutive trading days ending

five

trading days preceding the date on which the notice of redemption is given is at least

125%

of the conversion price. On or after

March 31, 2022,

the

6.75%

$100

million convertible debentures

may

be redeemed in whole or in part from time to time at the option of the Company on

not

more than

days’ and

not

less than

days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest.

The conversion feature of the

6.75%

$100

million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of

$9.7

million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of

$2.6

million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the

6.75%

$100

million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of

$100

million over the term of the

6.75%

$100

million convertible debentures using an effective interest rate of

10.7%.

If the

6.75%

$100

million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted.

amounts of the

6.75%

$100

million convertible debentures have been converted or redeemed as at

March 31, 2018.

(c)

October 5, 2016,

Just Energy issued

$160

million of convertible unsecured senior subordinated debentures (the

“6.75%

$160

million convertible debentures”). The

6.75%

$160

million convertible debentures bear interest at an annual rate of

6.75%,

payable semi-annually in arrears on

June 30

and

December 31

in each year, and have a maturity date of

December 31, 2021.

Each

$1,000

principal amount of the

6.75%

$160

107.5269

common shares of Just Energy, representing a conversion price of

$9.30,

The

6.75%

$160

million convertible debentures will

not

be redeemable at the option of the Company on or before

December 31, 2019.

After

December 31, 2019

and prior to

December 31, 2020,

the

6.75%

$160

million convertible debentures

may

be redeemed in whole or in part from time to time at the option of the Company on

not

more than

days’ and

not

less than

consecutive trading days ending

five

trading days preceding the date on which the notice of redemption is given is at least

125%

of the conversion price. On or after

December 31, 2020,

the

6.75%

$160

million convertible debentures

may

be redeemed in whole or in part from time to time at the option of the Company on

not

more than

days’ and

not

less than

days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest.

The conversion feature of the

6.75%

$160

million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of

$8.0

million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of

$2.1

million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the

6.75%

$160

million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of

$160

million over the term of the

6.75%

$160

million convertible debentures using an effective interest rate of

9.1%.

If the

6.75%

$160

million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted.

amounts of the

6.75%

$160

million convertible debentures have been converted or redeemed as at

March 31, 2018.

(d)

January 29, 2014,

Just Energy issued

US$150

million of European-focused senior convertible unsecured convertible bonds (the

“6.5%

convertible bonds”). The

6.5%

convertible bonds bear interest at an annual rate of

6.5%,

payable semi-annually in arrears in equal installments on

January 29

and

July 29

in each year, and have a maturity date of

July 29, 2019.

A Conversion Right in respect of a bond

may

be exercised, at the option of the holder thereof, at any time from

May 30, 2014

July 7, 2019.

The initial conversion price is

US$9.3762

per common share (being

C$10.2819

) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company

may,

at its option, subject to applicable regulatory approval and provided

event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received.

As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the

6.5%

convertible bonds has been accounted for as a separate financial liability with an initial value of

US$8,517.

The remainder of the net proceeds of the

6.5%

convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of

$150.0

million over the term of the

6.5%

convertible bonds using an effective interest rate of

8.8%.

At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at

March 31, 2018,

the fair value of this conversion feature is

US$0.2

million and is included in other non-current financial liabilities.

amounts of the

6.5%

convertible bonds have been converted or redeemed as at

March 31, 2018.

(e)

September 2011,

Just Energy issued

$100

million of convertible unsecured subordinated debentures (the

“5.75%

convertible debentures”), which was used to fund an acquisition. The

5.75%

convertible debentures bear interest at an annual rate of

5.75%,

payable semi-annually on

March 31

and

September 30

in each year, and have a maturity date of

September 30, 2018.

Each

$1,000

principal amount of the

5.75%

convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into

56.0

common shares of Just Energy, representing a conversion price of

$17.85.

On or after

September 30, 2016,

the

5.75%

convertible debentures

may

be redeemed in whole or in part from time to time at the option of the Company on

not

more than

days’ and

not

less than

days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest.

The Company

may,

at its option, on

not

more than

days' and

not

less than

days' prior notice, subject to applicable regulatory approval and provided

event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the

5.75%

convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the

5.75%

convertible debentures being repaid by

95%

of the current market price on the date of redemption or maturity, as applicable.

March 27, 2018,

Just Energy redeemed the

5.75%

convertible debentures. Of the amount paid,

$99.5

million was recorded as a reduction in the liability component of the

5.75%

convertible debentures, a non-cash loss on early redemption of

$0.5

million was classified as finance costs, and

$7.1

million was recorded as an increase in contributed surplus.

(f)

May 2010,

Just Energy issued

$330

million of convertible extendible unsecured subordinated debentures (the

“6.0%

convertible debentures”). The

6.0%

convertible debentures bear interest at a rate of

6.0%

per annum payable semi-annually in arrears on

June 30

and

December 31,

with an original maturity date of

June 30, 2017.

November 7, 2016,

Just Energy redeemed

$225

million of the

6.0%

convertible debentures. Of the amount paid,

$222

million was recorded as a reduction in the liability component of the

6.0%

convertible debentures, a non-cash loss on early redemption of

$3.1

million was classified as finance costs, and

$12.9

million was recorded as an increase in contributed surplus. On

February 21, 2017,

Just Energy redeemed

$94.6

million of the

6.0%

convertible debentures. Of the amount paid,

$93.4

million was recorded as a reduction in the liability component of the

6.0%

convertible debentures, a non-cash loss on early redemption of

$1.3

million was classified as finance costs, and

$5.4

million was recorded as an increase in contributed surplus.

(g)

The senior unsecured note was originally issued in the amount of

$105

million bearing interest at

9.75%

and maturing in

June 2018.

Just Energy early redeemed

$25

million on

March 31, 2016

and

June 30, 2016,

respectively, with the remaining

$55

million repaid on

October 5, 2016.