South Jersey Industries enters into $400 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 10 – South Jersey Industries, Inc. entered into a $400 million five-year unsecured revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, Bank of America Merrill Lynch and PNC Capital Markets LLC are the joint lead arrangers and bookrunners.

Wells Fargo Bank, NA is the administrative agent. Bank of America, NA, JPMorgan and PNC Bank, NA are the co-syndication agents. Citizens Bank of Pennsylvania is the documentation agent.

The facility includes an accordion feature allowing South Jersey Industries to increase commitments by up to $100 million, a $40 million sublimit for swingline loans and a $200 sublimit for letters of credit.

Borrowings bear interest at Libor plus 90 basis points to 147.5 bps with a facility fee of 10 bps to 27.5 bps, depending on ratings.

The revolver expires on Aug. 5, 2022.

Proceeds were used to repay and terminate the company’s 2011 credit agreement, and future borrowings will be used for general corporate purposes.

Hammonton, N.J.-based South Jersey is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.

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