By Lisa Kerner
Charlotte, N.C., July 9 - South Jersey Gas Co. issued $45 million principal amount of medium-term notes, series C 2010-1, tranche B due June 30, 2026, according to a form 8-K filed with the Securities and Exchange Commission.
The buyers of the tranche B notes include Metropolitan Life Insurance Co., Massachusetts Mutual Life Insurance Co., C.M. Life Insurance Co. and MassMutual Asia Ltd.
According to the filing, the tranche B notes bear interest at 4.93%. The first semiannual interest payment will be made Thursday.
South Jersey Gas is required to prepay $7.5 million principal amount of the notes at par on June 30, 2021 and on each June 30 thereafter through March 1, 2025. The remainder will become due and payable at maturity.
The company may prepay all or a portion of the notes at any time in an amount not less than 5% of the total principal amount of the notes outstanding plus interest and a make-whole amount.
The company said it will use the proceeds to repay short-term debt and for general corporate purposes, including funding capital expenditure requirements.
As previously reported, the company issued $15 million principal amount of medium-term notes, series C 2010-1, tranche A due March 1, 2026 on March 1 and said it would issue $45 million of tranche B notes to the same investors by June 30.
The tranche A notes bear interest at an annual rate of 4.84%.
South Jersey Gas, based in Folsom, N.J., is a natural gas service provider and the principal subsidiary of South Jersey Industries.
| Issuer: | South Jersey Gas Co.
|
| Issue: | Medium-term notes, series C 2010-1, tranche B
|
| Amount: | $45 million
|
| Maturity: | June 30, 3026
|
| Coupon: | 4.93%
|
| Price: | Par
|
| Call option: | At any time subject to minimum of 5% of notes outstanding
|
| Settlement date: | June 30
|
| Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
