By Lisa Kerner
Charlotte, N.C., Sept. 25 - South Jersey Gas Co. issued $50 million of 3% medium-term notes, series D, 2012-2, tranche A due Sept. 20, 2024 in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The note purchase agreement provides for the issuance of $35 million of medium-term notes, series D, 2012-2, tranche B, due Nov. 30, 2024. South Jersey Gas expects to issue the tranche B notes on Nov. 30.
Proceeds from the sale of the tranche A notes will be used to repay short-term debt and for general corporate purposes, including funding capital expenditures.
South Jersey Gas must prepay $10 million of the tranche A notes at par on Sept. 20, 2020, Sept. 20, 2021, Sept. 20, 2022 and Sept. 20, 2023, and the entire unpaid principal amount is due and payable on Sept. 20, 2024.
The notes have a make-whole call option at Treasuries plus 50 basis points.
Purchasers include Northwestern Mutual Life Insurance Co., American United Life Insurance Co., Modern Woodmen of America and Mutual of Omaha Insurance Co.
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 D, 2012-2, tranche A
|
| Amount: | $50 million
|
| Maturity: | Sept. 20, 2024
|
| Coupon: | 3%
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | Sept. 20
|
| Distribution: | Private placement
|
| Purchasers: | Northwestern Mutual Life Insurance Co., American United Life Insurance Co., Modern Woodmen of America and Mutual of Omaha Insurance Co.
|
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