By Lisa Kerner
Charlotte, N.C., Feb. 7 - South Jersey Gas Co. issued $30 million principal amount of tranche B medium-term series D 2013 notes due 2030 on Jan. 30 under a previously announced note purchase agreement.
Proceeds will be used to repay short-term indebtedness and for general corporate purposes, including funding capital expenditure requirements.
The tranche B notes bear interest at an annual rate of 4.23%, payable semiannually on Jan. 30 and July 30 of each year, according to an 8-K filed with the Securities and Exchange Commission.
On each of Jan. 30, 2028 and Jan. 30, 2029, the company must prepay $10 million principal amount.
South Jersey may prepay, at any time or from time to time, any or all of the notes in an amount not less than 5% of the total principal amount then outstanding in the case of a partial prepayment, together with interest as well as a make-whole amount.
In November, South Jersey issued $50 million of tranche A medium-term notes series D 2013 notes due Nov. 21, 2020 under the same note purchase agreement.
South Jersey Gas, based in Folsom, N.J., is a natural gas service provider and the principal subsidiary of South Jersey Industries.
| Issuer: | South Jersey Gas Co.
|
| Issue: | Medium-term notes
|
| Amount: | $30 million
|
| Coupon: | 4.23%
|
| Maturity: | Jan. 30, 2030
|
| Distribution: | Private placement
|
| Settlement date: | Jan. 30
|
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