NUI closes on $95 million credit facility, borrows on delayed-draw loan to defease notes

New York, Sept. 29 - NUI Corp. said it closed on a new $95 million credit facility on also drew down on a $50 million delayed-draw term loan under its existing credit facility to defease $50 million of outstanding medium-term notes.

The new facility, via Credit Suisse First Boston as lead arranger, will be used to meet the needs of its NUI Utilities Inc. subsidiary for gas purchase prepayment requirements, additional liquidity for working capital and general corporate purposes.

The loan is intended to facilitate a smooth closing of NUI's merger with AGL Resources Inc.

NUI's facility is made up of a $75 million senior secured credit facility due May 15, 2005 for NUI Utilities and secured by NUI Utilities' receivables and related proceeds and a $20 million senior unsecured credit facility due Nov. 21, 2005 for NUI under an amendment to its existing $255 million senior unsecured credit facility.

Both facilities were fully drawn as of Sept. 29, the Bedminster, N.J., energy company said.

NUI and NUI Utilities also amended and extended their existing credit facilities totaling $405 million to Nov. 21, 2005.

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