By Lisa Kerner
Charlotte, N.C., Feb. 12 - New Jersey Resources Corp. subsidiary New Jersey Natural Gas Co. agreed on Friday to privately place $50 million of 3.15% senior notes due 2028 on April 15.
Proceeds will be used for general corporate purposes, including to refinance or retire short-term debt and to fund capital expenditure requirements.
The notes will be secured until the release date by an equal amount of first mortgage bonds, according to an 8-K filing with the Securities and Exchange Commission.
New Jersey Natural Gas may prepay all or a portion of the notes at any time or from time to time at a make-whole prepayment price, the filing said.
Under the note purchase agreement, New Jersey Natural Gas' consolidated total debt at the end of a fiscal quarter may not exceed 65% of its consolidated total capitalization and priority debt is limited to 20% of the consolidated total capitalization.
Based in Wall, N.J., New Jersey Resources provides natural gas services and renewable energy to the New England area.
| Issuer: | New Jersey Natural Gas Co.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Maturity: | April 15, 2028
|
| Coupon: | 3.15%
|
| Pricing date: | Feb. 8
|
| Settlement date: | April 15
|
| Distribution: | Private placement
|
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