By Devika Patel
Knoxville, Tenn., April 27 – South Jersey Industries, Inc. will offer $250 million of senior notes in three tranches, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on April 25.
The notes include $90 million of 3.18% senior notes due April 25, 2021, $80 million of 3.78% senior notes due 2028 and $80 million of 3.88% senior notes due 2030.
The notes will settle in three tranches, with the three-year notes having settled on April 25, the 10-year settling in 2028 and the 12-year notes settling in 2030.
The company may prepay a minimum of $1 million of notes at a make-whole premium until one month prior to maturity and a par call after that.
Merrill Lynch, JPMorgan and TD Securities are the placement agents.
Proceeds will be used to fund a portion of the company’s planned acquisition of the Elizabethtown Gas Co. and Elkton Gas Co.
South Jersey Industries is a Folsom, N.J.-based energy services holding company.
| Issuer: | South Jersey Industries, Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Pricing date: | April 25
|
| Placement agents: | Merrill Lynch, JPMorgan and TD Securities
|
| Distribution: | Private placement
|
|
|
| Three-year notes
|
| Amount: | $90 million
|
| Maturity: | April 25, 2021
|
| Coupon: | 3.18%
|
| Settlement date: | April 25
|
| Call: | Make-whole call until one month prior to maturity, then a par call
|
|
|
| 10-year notes
|
| Amount: | $80 million
|
| Maturity: | 2028
|
| Coupon: | 3.78%
|
| Settlement date: | 2028
|
| Call: | Make-whole call until one month prior to maturity, then a par call
|
|
|
| 12-year notes
|
| Amount: | $80 million
|
| Maturity: | 2030
|
| Coupon: | 3.88%
|
| Settlement date: | 2030
|
| Call: | Make-whole call until one month prior to maturity, then a par call
|
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