NEW JERSEY RESOURCES CORP (NJR): debt financing — NJNG subsidiary issues $100M in senior notes: $50M 5.56% due 2033, $50M 5.85% due 2053

NEW JERSEY RESOURCES CORP

NJNG issued $50M 5.56% Senior Notes due 2033 (Series A) closed Sep 28; $50M 5.85% Senior Notes due 2053 (Series B) closing Oct 30.
Notes are secured by NJNG's First Mortgage Bonds; parent NJR is not obligated on the notes.
Proceeds will be used for general corporate purposes, including refinancing short-term debt and funding capital expenditures.
Note Purchase Agreement includes customary covenants limiting liens, asset sales, affiliate transactions, and mergers.
Interest on Series A payable Mar 28 & Sep 28 starting Mar 28, 2024; Series B payable Apr 30 & Oct 30 starting Apr 30, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NEW JERSEY RESOURCES CORP incurred senior notes of $100,000,000 aggregate principal amount of its senior notes consisting of (i) $50,000,000 of NJNG’s 5.56% Senior Notes, with certain institutional investors in the private placement market at 5.56% per annum ... 5.85% per annum maturing September 28, 2033 ... October 30, 2053.

Instrument: senior notes
Principal: $100,000,000 aggregate principal amount of its senior notes consisting of (i) $50,000,000 of NJNG’s 5.56% Senior Notes,
Counterparty: certain institutional investors in the private placement market
Rate: 5.56% per annum ... 5.85% per annum
Maturity: September 28, 2033 ... October 30, 2053
Event: incurrence

Exact text from the filing

On September 28, 2023, New Jersey Natural Gas Company (“NJNG”), a wholly-owned subsidiary of New Jersey Resources Corporation (“NJR”), and certain institutional investors in the private placement market (the “Purchasers”) entered into a Note Purchase Agreement (the “Note Purchase Agreement”), under which NJNG is to sell to the Purchasers $100,000,000 aggregate principal amount of its senior notes consisting of (i) $50,000,000 of NJNG’s 5.56% Senior Notes, Series 2023A, due September 28, 2033 (the “Series A Notes”) and (ii) $50,000,000 of NJNG’s 5.85% Senior Notes, Series 2023B, due October 30, 2053 (the “Series B Notes” and, together with the Series A Notes, the “Notes”).

View on SEC.gov

Browse all debt financings →

NEW JERSEY RESOURCES CORP filing history →

Source: SEC EDGAR

accession 0001140361-23-046322

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.