NJ Resources Corp Files 8-K on Material Agreement
Ticker: NJR · Form: 8-K · Filed: Aug 9, 2024 · CIK: 356309
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
NJR signs new deal, expect financial updates soon.
AI Summary
On August 7, 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 an 8-K report detailing this event. Specific details regarding the nature of the agreement and the financial obligation were not fully disclosed in the provided text.
Why It Matters
This filing indicates a significant new financial commitment or agreement for New Jersey Resources Corporation, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risks or opportunities that require further investigation.
Key Players & Entities
- NEW JERSEY RESOURCES CORP (company) — Registrant
- August 7, 2024 (date) — Date of earliest event reported
- Wall, New Jersey (location) — Principal Executive Offices
- 07719 (zip_code) — Zip Code of Principal Executive Offices
- 732-938-1480 (phone_number) — Registrant's telephone number
FAQ
What is the specific nature of the material definitive agreement entered into by New Jersey Resources Corporation?
The provided text states that the company entered into a material definitive agreement and a direct financial obligation, but the specific details of the agreement are not disclosed in this excerpt.
What is the amount of the direct financial obligation created by this agreement?
The provided text mentions the creation of a direct financial obligation but does not specify any dollar amounts associated with it.
When was the material definitive agreement officially entered into?
The agreement was entered into on August 7, 2024, which is the date of the earliest event reported.
What is the primary business of New Jersey Resources Corporation?
New Jersey Resources Corporation is in the NATURAL GAS DISTRIBUTION industry, as indicated by its Standard Industrial Classification code [4924].
Where is New Jersey Resources Corporation's principal executive office located?
The principal executive offices of New Jersey Resources Corporation are located at 1415 Wyckoff Road, Wall, New Jersey, 07719.
Filing Stats: 1,014 words · 4 min read · ~3 pages · Grade level 12.1 · Accepted 2024-08-09 07:03:01
Key Financial Figures
- $2.50 — ge on which registered Common Stock - $2.50 par value NJR New York Stock Exchan
- $650,000,000 — uces the revolving credit facility from $650,000,000 to $575,000,000, (ii) extends the matur
- $575,000,000 — ng credit facility from $650,000,000 to $575,000,000, (ii) extends the maturity date to Augu
Filing Documents
- ef20033680_8k.htm (8-K) — 33KB
- ef20033680_ex10-1.htm (EX-10.1) — 1135KB
- ef20033680_ex10-2.htm (EX-10.2) — 1122KB
- 0001140361-24-036495.txt ( ) — 2843KB
- njr-20240807.xsd (EX-101.SCH) — 4KB
- njr-20240807_lab.xml (EX-101.LAB) — 21KB
- njr-20240807_pre.xml (EX-101.PRE) — 16KB
- ef20033680_8k_htm.xml (XML) — 4KB
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Item 1.01 Entry into a Material Definitive Agreement. Second Amendment to NJR Second Amended and Restated Credit Agreement On August 7, 2024, New Jersey Resources Corporation ("NJR"), as borrower, and certain of NJR's unregulated subsidiaries, as guarantors (the "Guarantors"), entered into a second amendment (the "NJR Second Amendment") to the Second Amended and Restated Credit Agreement, dated as of September 2, 2021 (as amended by the First Amendment to Second Amended and Restated Credit Agreement, dated as of August 30, 2022, the "NJR Second A&R Credit Agreement") with the several lenders party thereto, and PNC Bank, National Association, as Administrative Agent. The NJR Second Amendment: (i) reduces the revolving credit facility from $650,000,000 to $575,000,000, (ii) extends the maturity date to August 7, 2029, pursuant to NJR's option to extend the maturity date under the NJR Second A&R Credit Agreement and (iii) permits NJR to request that the maturity date be extended up to two times for an additional period of one year each. All of the other material terms and conditions of the NJR Second A&R Credit Agreement remain unchanged. For a description of the NJR Second A&R Credit Agreement see NJR's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on September 9, 2021. A copy of the NJR Second Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01. The foregoing summary of the NJR Second Amendment is qualified in its entirety by reference to the text of the NJR Second Amendment filed herewith. NJR and its affiliates regularly engage the banks listed above to provide other banking services. All of these engagements are negotiated at arm's length. Second Amendment to NJNG Second Amended and Restated Credit Agreement On August 7, 2024, New Jersey Natural Gas Company ("NJNG"), a wholly-owned subsidiary of NJR, as borrower, entered into a second amendment (the
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated in this Item 2.03 by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Second Amendment to Second Amended and Restated Credit Agreement, dated as of August 7, 2024, by and among NJR, the guarantors party thereto, the lenders party thereto and PNC Bank, National Association, as Administrative Agent. 10.2 Second Amendment to Second Amended and Restated Credit Agreement dated as of August 7, 2024, by and among NJNG, the lenders party thereto and PNC Bank, National Association, as Administrative Agent. 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: August 9, 2024 By: /s/ Roberto F. Bel Roberto F. Bel Senior Vice President and Chief Financial Officer