NJ Resources Corp. Enters New Credit Agreement

TL;DR

NJR just signed a new credit deal, locking in financing.

AI Summary

On September 30, 2024, New Jersey Resources Corp. entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation for the registrant. The filing details the terms of this agreement, which is a significant financial undertaking for the company.

Why It Matters

This credit agreement represents a new financial obligation for New Jersey Resources Corp., impacting its capital structure and future borrowing capacity.

Risk Assessment

Risk Level: low — The filing reports on a standard credit agreement, which is a routine financial activity for a company of this size.

Key Players & Entities

• NEW JERSEY RESOURCES CORP (company) — Registrant
• 0000356309 (company) — Central Index Key
• September 30, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $2.50 — ge on which registered Common Stock - $2.50 par value NJR New York Stock Exchan
• $75,000,000 — ces Corporation ("NJR") issued and sold $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

• ef20035395_8k.htm (8-K) — 37KB
• ef20035395_ex4-1.htm (EX-4.1) — 106KB
• 0001140361-24-042533.txt ( ) — 296KB
• njr-20240930.xsd (EX-101.SCH) — 4KB
• njr-20240930_lab.xml (EX-101.LAB) — 21KB
• njr-20240930_pre.xml (EX-101.PRE) — 16KB
• ef20035395_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 September 30, 2024, New Jersey Natural Gas Company ("NJNG"), a wholly-owned subsidiary of New Jersey Resources Corporation ("NJR") issued and sold $75,000,000 of NJNG's 5.49% Senior Notes, Series 2024B, due September 30, 2034 (the "Notes") to certain institutional investors in the private placement market pursuant to a previously-announced Note Purchase Agreement, dated June 26, 2024 (the "Note Purchase Agreement"). The Notes are secured by an equal principal amount of NJNG's First Mortgage Bonds 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 further amended and supplemented by the Sixteenth Supplemental Indenture dated as of September 1, 2024 (the "Sixteenth Supplemental Indenture"). 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 capital expenditures. Interest will accrue on the Notes at 5.49% per annum and will be payable on March 30 and September 30 of each year, beginning on March 30, 2025, and ending on the maturity date of September 30, 2034. NJNG may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than $1,000,000 in aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 4.1 Sixteenth Supplemental Indenture, dated as of September 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: October 2, 2024 By: /s/ Roberto F. Bel Roberto F. Bel Senior Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR