New Jersey Resources expanded and extended its revolving credit facility, while its natural-gas utility subsidiary extended the maturity of its own facility without increasing its size. Both amended facilities now mature on October 27, 2031.
The changes increase NJR’s available borrowing capacity but do not, by themselves, mean the company or its subsidiary borrowed additional money.
Key details
- NJR’s revolving credit commitment rises by $75 million, from $575 million to $650 million. The facility is senior unsecured and is supported by guarantees from certain of NJR’s unregulated subsidiaries.
- NJR’s facility maturity is extended to October 27, 2031.
- NJNG’s revolving credit commitment remains $250 million. NJNG’s facility maturity moves from August 7, 2029, to October 27, 2031.
- Both amendments were made with the facilities’ lenders, with PNC Bank acting as administrative agent.
Plain-English implications
The changes give NJR a larger revolving credit backstop and extend the period during which both it and NJNG can access their respective facilities. The commitments represent borrowing capacity, not necessarily outstanding debt; the announcement does not say that either company drew additional funds.