By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – New Jersey Resources Corp. subsidiary New Jersey Natural Gas Co. priced a $100 million private placement of senior notes on Sept. 28, according to an 8-K filed with the Securities and Exchange Commission.
The bonds were sold in two tranches as follows:
• $50 million of 5.56% series 2023A bonds due Sept. 28, 2033; and
• $50 million of 5.85% series 2023B bonds due Oct. 30, 2053.
Proceeds will be used for general corporate purposes, including 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.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Pricing date: | Sept. 28
|
| Distribution: | Private placement
|
|
|
| Series 2023A notes
|
| Amount: | $50 million
|
| Maturity: | Sept. 28, 2033
|
| Coupon: | 5.56%
|
| Call: | Non-callable
|
| Settlement date: | Sept. 28
|
|
|
| Series 2023B notes
|
| Amount: | $50 million
|
| Maturity: | Oct. 30, 2053
|
| Coupon: | 5.85%
|
| Call: | Make-whole call
|
| Settlement date: | Oct. 30
|
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