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New Jersey Resources secures $150M revolving credit facility

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New Jersey Resources secures $150M revolving credit facility

New Jersey Resources Corp. entered into a four-month, $150 million revolving line of credit facility with PNC Bank NA.

Borrowings under the credit facility will bear interest at either a base rate option on the day of the proposed advance or at a London interbank offered rate option three days before the proposed advance, according to a Dec. 16 SEC filing. At least $250,000 of advances may be requested along with $50,000 of increments above the minimum amount.

The gas utility will use the proceeds for working capital or other general business purposes. The revolver is scheduled to terminate on April 13, 2020.

New Jersey Resources provides natural gas and clean energy services through its subsidiaries.