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Elizabethtown Gas utility selling $530M of mortgage bonds for debt repayment

South Jersey Industries Inc. natural gas utility Elizabethtown Gas Co. issued first mortgage bonds worth $530 million under an agreement with a number of purchasers.

The mortgage bonds were issued in five tranches: $50 million of 4.02% first mortgage bonds due Dec. 20, 2028; $55 million of 4.22% first mortgage bonds due Dec. 20, 2033; $150 million of 4.29% first mortgage bonds due Dec. 20, 2038; $200 million of 4.37% first mortgage bonds due Dec. 20, 2048; and $75 million of 4.52% first mortgage bonds due Dec. 20, 2058.

Elizabethtown Gas plans to use the proceeds from the sale to pay down debt under its $530.0 million, 364-day term loan credit agreement, according to a Dec. 26 SEC filing.

Elizabethtown Gas provides natural gas service to over 292,000 customers in New Jersey. South Jersey Industries bought it and Maryland-based Elkton Gas Co. in July.