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South Jersey Industries sells $200M of notes

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South Jersey Industries sells $200M of notes

South Jersey Industries Inc. sold $200 million of its 5.625% junior subordinated notes due Sept. 16, 2079, according to a Sept. 9 free writing prospectus.

Interest on the notes is payable quarterly on every March 16, June 16, Sept. 16 and Dec. 16, beginning Dec. 16. The notes were rated BB+ by S&P Global Ratings.

The gas utility plans to use net proceeds, together with cash on hand, for general corporate purposes and to refinance outstanding debt.

BofA Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC. acted as joint book-running managers.

Co-managers included BB&T Capital Markets, a division of BB&T Securities LLC, Citizens Capital Markets Inc., Guggenheim Securities LLC, Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Maxim Group LLC, PNC Capital Markets LLC, TD Securities (USA) LLC and The Williams Capital Group LP.