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New Jersey Resources secures $350M term loan to fund gas storage facility deal

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New Jersey Resources secures $350M term loan to fund gas storage facility deal

New Jersey Resources Corp. entered into a $350 million senior 364-day term loan facility, according to an Oct. 11 SEC filing.

The company used the proceeds to finance $350.0 million of the $367.5 million payment for New Jersey Resources' acquisition of Leaf River Energy Center LLC, a natural gas storage facility in southeastern Mississippi owned by Macquarie Infrastructure Partners Inc.

The facility's borrowings would bear interest at a base rate or the applicable London interbank offered rate, plus the applicable interest margin, depending on New Jersey Resources' preference.

Wells Fargo Bank NA acted as the administrative agent and Wells Fargo Securities LLC acted as lead arranger and bookrunner.