South Jersey Industries and units offer buy backs due to change of control

By Mary-Katherine Stinson

Lexington, Ky., Feb. 22 – South Jersey Industries, Inc., South Jersey Gas Co. and Elizabethtown Gas Co. started offers to repurchase notes due to a change of control, according to a press release.

South Jersey Industries is offering to buy back notes from eight series at par plus interest. Specifically, the offers pertain to the following:

• 3.22% senior notes, series 2017A-1, due 2024;

• 3.46% senior notes, series 2017B-1, due 2027;

• 3.32% senior notes, series 2017A-2, due 2025;

• 3.56% senior notes, series 2017B-2, due 2028;

• 3.82% senior notes, series 2018B, due 2028;

• 3.92% senior notes, series 2018C, due 2030;

• 3.71% senior notes, series 2020A, due 2027; and

• 3.91% senior notes, series 2020B, due 2030.

These offers expire at 5 p.m. ET on March 16.

South Jersey’s indirect wholly owned subsidiary South Jersey Gas Co. is offering to buy back notes from 13 series at par plus interest. Specifically, the offers pertain to the following:

• Medium-term notes, series C, 2010-1, tranche A, due 2026;

• Medium-term notes, series C, 2010-1, tranche B, due 2026;

• Medium-term notes, series C, 2010-2, tranche A, due 2025;

• Medium-term notes, series C, 2010-2, tranche B, due 2027;

• Medium-term notes, series D, 2012-1, due 2032;

• Medium-term notes, series D, 2012-2, tranche A, due 2024;

• Medium-term notes, series D, 2012-2, tranche B, due 2024;

• Medium-term notes, series D, 2013, Tranche A, due 2030;

• Medium-term notes, series D, 2013, Tranche B, due 2030;

• Medium-term notes, series E, 2017, due 2047;

• Senior secured notes, series F, 2020, tranche A, due 2030;

• Senior secured notes, series F, 2020, tranche B, due 2050; and

• Senior secured notes, series F, 2020, tranche C due 2050.

These offers expire at 5 p.m. ET on March 28.

South Jersey’s indirect wholly owned subsidiary Elizabethtown Gas Co. is offering to buy back notes from 14 series at par plus interest. Specifically, the offers pertain to the following:

• 4.02% first mortgage bonds, series 2018A-1, due 2028;

• 4.22% first mortgage bonds, series 2018A-2, due 2033;

• 4.29% first mortgage bonds, series 2018A-3, due 2038;

• 4.37% first mortgage bonds, series 2018A-4, due 2048;

• 4.52% first mortgage bonds, series 2018A-5, due 2058;

• 2.84% first mortgage bonds, series 2019A-1, due 2029;

• 2.84% first mortgage bonds, series 2019A-2, due 2029;

• 2.94% first mortgage bonds, series 2019A-3, due 2031;

• 2.94% first mortgage bonds, series 2019A-4, due 2031;

• 3.28% first mortgage bonds, series 2020A-1, tranche A, due 2050;

• 3.38% first mortgage bonds, series 2020A-1, tranche B, due 2060;

• 2.26% first mortgage bonds, series 2020A-2, tranche A, due 2031;

• 3.08% first mortgage bonds, series 2020A-2, tranche B, due 2041; and

• 3.36% first mortgage bonds, series 2020A-2, due 2051.

These offers expire at 5 p.m. ET on March 29.

The change of control was triggered by the completion of the acquisition of South Jersey Industries by the Infrastructure Investments Fund on Feb. 1.

The depositary and paying agent for the offers is Wilmington Trust, NA (612-217-5664, equityholdercontact@wilmingtontrust.com).

Folsom, N.J.-based South Jersey is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.

© 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.