NJ Resources Corp Enters Material Definitive Agreement
Ticker: NJR · Form: 8-K · Filed: Jul 1, 2024 · CIK: 356309
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
NJR signs new deal, likely a big financial move.
AI Summary
On June 26, 2024, New Jersey Resources Corporation entered into a Material Definitive Agreement related to a direct financial obligation. The company, headquartered in Wall, New Jersey, filed this 8-K report with the SEC.
Why It Matters
This filing indicates a significant financial commitment or obligation for New Jersey Resources Corporation, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that may not be immediately apparent.
Key Numbers
- 001-08359 — SEC File Number (Identifies the company's filing history with the SEC.)
- 22-2376465 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- NEW JERSEY RESOURCES CORPORATION (company) — Registrant
- 0001140361-24-031853 (document_id) — Accession Number
- 20240626 (date) — Date of Report
- 07719 (zip_code) — Principal Executive Offices Zip Code
- 7329381000 (phone_number) — Registrant's telephone number
FAQ
What type of Material Definitive Agreement did New Jersey Resources Corporation enter into?
The filing indicates the entry into a Material Definitive Agreement that constitutes a direct financial obligation or an obligation under an off-balance sheet arrangement of the registrant. Specific details of the agreement are not provided in this excerpt.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is June 26, 2024.
Where is New Jersey Resources Corporation's principal executive office located?
The principal executive offices are located at 1415 Wyckoff Road, Wall, New Jersey, 07719.
What is the SIC code for New Jersey Resources Corporation?
The Standard Industrial Classification (SIC) code for New Jersey Resources Corporation is 4924, which corresponds to Natural Gas Distribution.
What is the fiscal year end for New Jersey Resources Corporation?
The fiscal year end for New Jersey Resources Corporation is September 30.
Filing Stats: 1,535 words · 6 min read · ~5 pages · Grade level 13.2 · Accepted 2024-07-01 07:00:44
Key Financial Figures
- $2.50 — e on which registered Common Stock - $2.50 par value NJR New York Stock Exchan
- $200,000,000 — which NJNG is to sell to the Purchasers $200,000,000 aggregate principal amount of its senio
- $125,000,000 — t of its senior notes consisting of (i) $125,000,000 of NJNG's 5.82% Senior Notes, Series 20
- $75,000,000 — 6, 2054 (the "Series A Notes") and (ii) $75,000,000 of NJNG's 5.49% Senior Notes, Series 20
- $1,000,000 — , the Notes, in an amount not less than $1,000,000 in aggregate principal amount of the No
Filing Documents
- ef20031275_8k.htm (8-K) — 42KB
- ef20031275_ex4-1.htm (EX-4.1) — 1109KB
- ef20031275_ex4-2.htm (EX-4.2) — 98KB
- 0001140361-24-031853.txt ( ) — 1559KB
- njr-20240626.xsd (EX-101.SCH) — 4KB
- njr-20240626_lab.xml (EX-101.LAB) — 21KB
- njr-20240626_pre.xml (EX-101.PRE) — 16KB
- ef20031275_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry into a Material Definitive Agreement. The information included in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On June 26, 2024, New Jersey Natural Gas Company ("NJNG"), a wholly-owned subsidiary of New Jersey Resources Corporation ("NJR"), and certain institutional investors in the private placement market (the "Purchasers") entered into a Note Purchase Agreement (the "Note Purchase Agreement"), under which NJNG is to sell to the Purchasers $200,000,000 aggregate principal amount of its senior notes consisting of (i) $125,000,000 of NJNG's 5.82% Senior Notes, Series 2024A, due June 26, 2054 (the "Series A Notes") and (ii) $75,000,000 of NJNG's 5.49% Senior Notes, Series 2024B, due September 30, 2034 (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The sale of the Series A Notes closed on June 26, 2024, and the sale of the Series B Notes is expected to close on September 30, 2024. The Notes will be secured by an equal principal amount of NJNG's First Mortgage Bonds to be issued under the Amended and Restated Indenture of Mortgage, Deed of Trust and Security dated September 1, 2014 between NJNG and U.S. Bank National Association, as Trustee, as predecessor in interest to U.S. Bank Trust Company, National Association, in its capacity as Trustee, as heretofore amended and supplemented and to be further amended and supplemented by the Fifteenth Supplemental Indenture dated as of June 1, 2024 (with respect to the Series A Notes) and the Sixteenth Supplemental Indenture to be dated as of September 1, 2024 (with respect to the Series B Notes). Accordingly, the Notes are secured ratably with NJNG's First Mortgage Bonds in the collateral pledged to secure such bonds. NJR will not be obligated directly or contingently with respect to the Notes or the First Mortgage Bonds. The proceeds of the Notes will be used for general corporate purposes, including, but not limited to, the refinancing or retiring short-term debt and funding capi
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 4.1 $200,000,000 Note Purchase Agreement, dated as of June 26, 2024, by and among New Jersey Natural Gas Company and the Purchasers party thereto. 4.2 Fifteenth Supplemental Indenture, dated as of June 1, 2024, by and between New Jersey Natural Gas Company and U.S. Bank Trust Company, National Association, as Trustee. 104 Cover page in Inline XBRL format. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEW JERSEY RESOURCES CORPORATION Date: July 1, 2024 By: /s/ Roberto F. Bel Roberto F. Bel Senior Vice President and Chief Financial Officer