By Devika Patel
Knoxville, Tenn., Aug. 16 – South Jersey Industries, Inc. settled $50 million of a $100 million two-tranche private placement of medium-term notes on Aug. 16, according to an 8-K filing with the Securities and Exchange Commission.
Interest on the notes will be payable semiannually.
The company sold $25 million of series 2017A-1 3.22% notes due Aug. 16, 2024.
South Jersey Industries issued $25 million of series 2017B-1 3.46% notes due Aug. 16, 2027.
The company also plans to issue $25 million of its 3.32% series 2017A-2 senior notes due Jan. 16, 2025 and $25 million of its 3.56% series 2017B-2 senior notes due Jan. 16, 2028 on Jan. 16, 2018.
The notes have a make-whole call in amounts of at least $1 million.
Proceeds will be used to refinance debt and for general corporate purposes.
Hammonton, N.J.-based South Jersey Industries 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: | Medium-term notes
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Amount: | $100 million
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Call option: | Make-whole call in amounts of at least $1 million
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Settlement date: | Aug. 16 (for $50 million), Jan. 16, 2018 (for $50 million)
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Distribution: | Private placement
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Series 2017A-1 notes
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Amount: | $25 million
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Maturity: | Aug. 16, 2024
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Coupon: | 3.22%
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Series 2017B-1 notes
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Amount: | $25 million
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Maturity: | Aug. 16, 2027
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Coupon: | 3.46%
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Series 2017A-2 notes
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Amount: | $25 million
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Maturity: | Jan. 16, 2025
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Coupon: | 3.32%
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Series 2017B-2 notes
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Amount: | $25 million
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Maturity: | Jan. 16, 2028
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Coupon: | 3.56%
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