Gas utility company South Jersey Industries Inc. entered into an unsecured $150 million term loan agreement with lenders PNC Bank NA and KeyBank NA, according to a March 31 SEC filing.
The entire amount was borrowed on March 26 and the term loan matures on March 25, 2021. Interest will be calculated at a variable base rate or a variable London interbank offered rate, at South Jersey Industries' election.
The company will use the borrowed amount for general corporate purposes including the repayment of debt, financing of capital expenditures, and working capital for the company and its affiliates.
PNC Bank served as administrative agent, and PNC Capital Markets LLC and KeyBank NA served as joint lead arrangers and joint book runners. Headquartered in Folsom, N.J., South Jersey Industries delivers gas to about 700,000 customers.