By Devika Patel
Knoxville, Tenn., Dec. 27 – South Jersey Industries, Inc. reported that its subsidiary, Elizabethtown Gas Co., completed a private placement of $530 million series 2018A first mortgage bonds on Dec. 20, according to an 8-K filed with the Securities and Exchange Commission.
BofA Merrill Lynch and TD Securities (USA) LLC were the agents.
The bonds were sold in five tranches as follows:
• $50 million of 4.02% bonds due Dec. 20, 2028;
• $55 million of 4.22% bonds due Dec. 20, 2033;
• $150 million of 4.29% bonds due Dec. 20, 2038;
• $200 million of 4.37% bonds due Dec. 20, 2048; and
• $75 million of 4.52% bonds due Dec. 20, 2058.
All bonds have a make-whole call at any time.
Proceeds will be used to repay short-term debt under the company’s $530 million 364-day term loan credit agreement.
Hammonton, N.J.-based South Jersey is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.
| Issuer: | Elizabethtown Gas Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $530 million
|
| Agents: | BofA Merrill Lynch and TD Securities (USA) LLC
|
| Call: | Make-whole call at any time
|
| Settlement date: | Dec. 20
|
| Distribution: | Private placement
|
|
|
| Series 2018A-1 notes
|
| Amount: | $50 million
|
| Maturity: | Dec. 20, 2028
|
| Coupon: | 4.02%
|
|
|
| Series 2018A-2 notes
|
| Amount: | $55 million
|
| Maturity: | Dec. 20, 2033
|
| Coupon: | 4.22%
|
|
|
| Series 2018A-3 notes
|
| Amount: | $150 million
|
| Maturity: | Dec. 20, 2038
|
| Coupon: | 4.29%
|
|
|
| Series 2018A-4 notes
|
| Amount: | $200 million
|
| Maturity: | Dec. 20, 2048
|
| Coupon: | 4.37%
|
|
|
| Series 2018A-5 notes
|
| Amount: | $75 million
|
| Maturity: | Dec. 20, 2058
|
| Coupon: | 4.52%
|
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