New Jersey Resources obtains $100 million four-month revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – New Jersey Resources Corp. entered into a four-month $100 million revolving credit agreement on Dec. 18 with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The revolver is scheduled to terminate on April 18.

Interest is equal to Libor plus an applicable margin of 100 basis points to 162.5 bps, depending on the borrower’s credit ratings.

The commitment fee ranges from 7.5 bps to 20 bps, also depending on credit ratings.

JPMorgan Chase Bank, NA, Wells Fargo Bank, NA and U.S. Bank NA are the syndication agents. Bank of America, NA, Mizuho Bank, Ltd. and TD Bank, NA are the documentation agents.

Proceeds will be used for general corporate purposes and working capital.

New Jersey Resources provides natural gas services and renewable energy and is based in Wall, N.J.

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