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South Jersey Industries secures $100M term loan

South Jersey Industries Inc. entered into an unsecured $100 million term loan credit agreement to fund working capital, according to a Sept. 26 SEC filing.

The utility holding company borrowed the full amount on Sept. 23 and would use the proceeds for general corporate purposes, including working capital needs.

The term loan would bear interest at a variable base rate or a variable London interbank offered rate, depending on South Jersey Industries' preference.

Bank of America NA acted as the lender for the term loan, which will mature on Sept. 18, 2020.

South Jersey Industries delivers energy services through its three main subsidiaries.