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New Jersey Resources secures 4-month, $75M revolver

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New Jersey Resources secures 4-month, $75M revolver

New Jersey Resources Corp. on Dec. 14 entered a new revolving line of credit facility worth $75 million, good for four months until April 14, 2018, with PNC Bank NA.

New Jersey Resources may request for advances in increments of at least $1 million or $500,000. The revolver may be prepaid at any time, according to a Dec. 19 SEC filing.

The utility plans to use borrowings under the revolver for working capital or other general business purposes.