By Wendy Van Sickle
Columbus, Ohio, June 1 – New Jersey Resources Corp. subsidiary New Jersey Natural Gas Co. entered into an agreement on May 27 for a $100 million private placement of senior notes consisting of $50 million 4.37% senior notes, series 2022A, due May 27, 2037 and $50 million of 4.71% senior notes, series 2022B, due May 27, 2052, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be callable at a make-whole amount at any time.
The proceeds will be used for general corporate purposes, including, but not limited to, refinancing or retiring short-term debt and funding capital expenditures.
New Jersey Resources is a Wall, N.J.-based company that provides natural gas services and renewable energy to the New England area.
| Issuer: | New Jersey Natural Gas Co.
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| Issue: | Senior notes
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| Amount: | $100 million
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| Call: | Make-whole call
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| Pricing date: | May 27
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| Distribution: | Private placement
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| Series 2022A notes
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| Amount: | $50 million
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| Maturity: | July 23, 2030
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| Coupon: | 4.37%
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| Series 2022B notes
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| Amount: | $50 million
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| Maturity: | May 27, 2052
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| Coupon: | 4.71%
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