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Elizabethtown Gas utility to issue $145M of 1st mortgage bonds

South Jersey Industries Inc. gas utility Elizabethtown Gas Co. entered into a bond purchase agreement to issue a series of first mortgage bonds worth $145 million, according to an Oct. 2 SEC filing.

The bonds would be issued in four tranches: $40 million of series 2019A-1 bonds, with a 2.84% rate due Sept. 27, 2029; $35 million of series 2019A-2 bonds, with a 2.84% rate due Oct. 29, 2029; $25 million of series 2019A-3 bonds, with a 2.94% rate due Nov. 26, 2031; and $45 million of series 2019A-4 bonds, with a 2.94% rate due Dec. 27, 2031.

Interest on the series 2019A-1 bonds is payable every March 27 and Sept. 27 starting on March 27, 2020. Elizabethtown Gas plans to issue the series 2019A-2 bonds on Oct. 29, the series 2019A-3 bonds on Nov. 26 and the series 2019A-4 bonds on Dec. 27.

The New Jersey-based natural gas utility, which provides natural gas service to more than 292,000 customers, intends to use the proceeds from the sale of the series 2019A-1 bonds for general corporate purposes.