Published on 7/19/2022 in the Prospect News Green Finance Daily and Prospect News Private Placement Daily.
New Issue: South Jersey Industries to place $400 million of notes in four parts
By Devika Patel
Knoxville, Tenn., July 19 – South Jersey Industries, Inc. priced a private placement of $400 million senior notes in four tranches, including green notes, on July 14, according to an 8-K filed with the Securities and Exchange Commission. The company issued half of each series of notes at pricing, raising $200 million, and will settle the remainder on Sept. 15.
The notes include $100 million of 5.35% five-year series 2022A notes, $100 million of 5.44% seven-year series 2022B notes, $120 million of 5.6% 10-year series 2022C notes and $80 million of 5.6% 12-year green series 2022D notes.
The notes all have a change-of-control put.
KeyBanc Capital Markets and PNC are the agents.
Proceeds from the notes, with the exception of the series 2022D notes, will be used to fund capital expenditures, to repay debt and for general corporate purposes.
Proceeds from the green 2022D notes will be used to finance or refinance green investments.
Folsom, N.J.-based South Jersey is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.
| Issuer: | South Jersey Industries, Inc.
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| Issue: | Senior notes
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| Amount: | $400 million
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| Agents: | KeyBanc Capital Markets and PNC
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| Change-of-control put: | Yes
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| Pricing date: | July 14
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| Settlement: | July 14 (for $200 million), Sept. 15 (for $200 million)
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| Distribution: | Private placement
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| Series 2022A notes
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| Amount: | $100 million
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| Maturity: | July 14, 2027
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| Coupon: | 5.35%
|
| Call: | Make-whole call until June 14, 2027, then a par call
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| Settlement: | July 14 (for $50 million), Sept. 15 (for $50 million)
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|
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| Series 2022B notes
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| Amount: | $100 million
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| Maturity: | July 14, 2029
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| Coupon: | 5.44%
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| Call: | Make-whole call until May 14, 2029, then a par call
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| Settlement: | July 14 (for $50 million), Sept. 15 (for $50 million)
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| Series 2022C notes
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| Amount: | $120 million
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| Maturity: | July 14, 2032
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| Coupon: | 5.6%
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| Call: | Make-whole call until April 14, 2032, then a par call
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| Settlement: | July 14 (for $60 million), Sept. 15 (for $60 million)
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| Series 2022D notes
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| Amount: | $80 million
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| Maturity: | July 14, 2034
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| Coupon: | 5.6%
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| Call: | Make-whole call until April 14, 2034, then a par call
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| Settlement: | July 14 (for $40 million), Sept. 15 (for $40 million)
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