By Devika Patel
Knoxville, Tenn., Oct. 28 – New Jersey Resources Corp. subsidiary New Jersey Natural Gas Co. priced a $175 million private placement of senior notes on Oct. 24, according to an 8-K filed with the Securities and Exchange Commission.
Mizuho Securities USA LLC and TD Securities (USA) LLC are the agents.
The bonds were sold in two tranches as follows:
• $50 million of 6.14% series 2022B bonds due Dec. 15, 2032; and
• $125 million of 5.47% series 2022C bonds due Oct. 24, 2052.
Proceeds will be used for general corporate purposes, including repaying, refinancing or retiring debt.
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.
|
| Issue: | Senior notes
|
| Amount: | $175 million
|
| Agents: | Mizuho Securities USA LLC and TD Securities (USA) LLC
|
| Pricing date: | Oct. 24
|
| Settlement date: | Dec. 15
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| Distribution: | Private placement
|
|
|
| Series 2022B notes
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| Amount: | $50 million
|
| Maturity: | Dec. 15, 2032
|
| Coupon: | 6.14%
|
| Call: | Non-callable
|
|
|
| Series 2022C notes
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| Amount: | $125 million
|
| Maturity: | Oct. 24, 2052
|
| Coupon: | 5.47%
|
| Call: | Make-whole call
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