Just Energy Group Inc. launched a public offering of an unspecified number of series A preferred shares, primarily to refinance or repurchase its securities maturing in 2018 and 2019.

Underwriters of the offering have a 30-day option to purchase up to 15% of the aggregate number of fixed-to-floating rate cumulative redeemable perpetual preferred shares, according to a Jan. 26 company release.

Simultaneously, Just Energy plans to sell up to 400,000 preferred shares to one or more insiders of the company in a private placement for gross proceeds of up to $10 million.

The dividend on the preferred shares will be fixed for five years and will later be adjusted on a quarterly basis based on a spread to the applicable semiannual five-year U.S. mid-market swap rate, the company said.

Stifel Nicolaus & Co. Inc., FBR Capital Markets & Co. and National Bank Financial Inc. will serve as joint book-running managers. BB&T Capital Markets, Canaccord Genuity Corp., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., Wunderlich Securities Inc., Boenning & Scattergood Inc., National Securities Corp. and Northland Securities Inc. will act as co-managers.