By Wendy Van Sickle
Columbus, Ohio, Sept. 2 – New Jersey Resources Corp. entered into a note purchase agreement for a $200 million private placement of senior notes and wholly owned subsidiary New Jersey Natural Gas Co. entered into a note purchase agreement for a $75 million private placement of senior notes on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The New Jersey Resources notes consist of $120 million of 3.13% senior notes, series 2020C, due Sept. 1, 2031 and $80 million of 3.25% senior notes, series 2020D, due Sept. 1, 2033. There is a make-whole call at any time.
The proceeds will be used for general corporate purposes, including, but not limited to, funding capital expenditures related to solar projects and refinancing of existing debt.
The New Jersey Natural Gas notes consist of $25 million of 2.87% senior notes, series 2020D, due Sept. 1, 2050 and $50 million of 2.97% senior notes, series 2020E, due Sept. 1, 2060. There is a make-whole call at any time.
The proceeds will be used for general corporate purposes.
New Jersey Resources is a Wall, N.J.-based company that provides natural gas services and renewable energy to the New England area.
New Jersey Resources notes
| Issuer: | New Jersey Resources Corp.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Call: | Make-whole call
|
| Announcement date: | Sept. 1
|
| Distribution: | Private placement
|
|
|
| Series 2020C notes
|
| Amount: | $120 million
|
| Maturity: | Sept. 1, 2031
|
| Coupon: | 3.13%
|
|
|
| Series 2020D
|
| Amount: | $80 million
|
| Maturity: | Sept. 1, 2033
|
| Coupon: | 3.25%
|
|
|
| New Jersey Natural Gas notes
|
| Issuer: | New Jersey Natural Gas Co.
|
| Issue: | Senior notes
|
| Amount: | $75 million
|
| Call: | Make-whole call
|
| Announcement date: | Sept. 1
|
| Distribution: | Private placement
|
|
|
| Series 2020D notes
|
| Amount: | $25 million
|
| Maturity: | Sept. 1, 2050
|
| Coupon: | 2.87%
|
|
|
| Series 2020E notes
|
| Amount: | $50 million
|
| Maturity: | Sept. 1, 2060
|
| Coupon: | 2.97%
|
|
|
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