By Devika Patel
Knoxville, Tenn., Jan. 19 – South Jersey Industries, Inc. settled a $50 million second and final tranche of a $100 million private placement of medium-term notes on Jan. 16, according to an 8-K filing with the Securities and Exchange Commission. The deal raised $50 million on Aug. 16.
Interest on the notes will be payable semiannually.
The company sold $25 million of series 2017A-1 3.22% notes due Aug. 16, 2024 in the first tranche on Aug. 16.
South Jersey Industries also issued $25 million of series 2017B-1 3.46% notes due Aug. 16, 2027 in the first tranche.
In the second tranche on Jan. 16, the company issued $25 million of 3.32% series 2017A-2 senior notes due Jan. 16, 2025 and $25 million of 3.56% series 2017B-2 senior notes due Jan. 16, 2028.
The notes have a make-whole call in amounts of at least $1 million.
Proceeds will be used to refinance debt and for general corporate purposes.
Hammonton, N.J.-based South Jersey Industries is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.
| Issuer: | South Jersey Industries, Inc.
|
| Issue: | Medium-term notes
|
| Amount: | $100 million
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| Call option: | Make-whole call in amounts of at least $1 million
|
| Settlement date: | Aug. 16 (for $50 million), Jan. 16, 2018 (for $50 million)
|
| Distribution: | Private placement
|
|
|
| Series 2017A-1 notes
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| Amount: | $25 million
|
| Maturity: | Aug. 16, 2024
|
| Coupon: | 3.22%
|
|
|
| Series 2017B-1 notes
|
| Amount: | $25 million
|
| Maturity: | Aug. 16, 2027
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| Coupon: | 3.46%
|
|
|
| Series 2017A-2 notes
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| Amount: | $25 million
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| Maturity: | Jan. 16, 2025
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| Coupon: | 3.32%
|
|
|
| Series 2017B-2 notes
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| Amount: | $25 million
|
| Maturity: | Jan. 16, 2028
|
| Coupon: | 3.56%
|
|
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