South Jersey Industries, Inc. Announces Results of Final Remarketing of Series B 1.65% Remarketable Junior Subordinated Notes due 2029
29 March 2024 - 9:52AM
FOR IMMEDIATE RELEASE
South Jersey Industries, Inc. Announces Results of Final
Remarketing of Series B 1.65% Remarketable Junior Subordinated
Notes due 2029
FOLSOM, N.J., March 29, 2024
/PR Newswire/ – South Jersey Industries, Inc.
(“SJI” or the “Company”) announced today the unsuccessful final
remarketing of its $2,795,000 principal amount of 2021 Series B
1.65% Remarketable Junior Subordinated Notes due 2029 (CUSIP No.
838518 AB4 / ISIN US838518AB47) (the “Notes”) that form a part of
the outstanding Corporate Units (CUSIP No. 838518 306 / ISIN
US8385183061) issued by the Company on March 22, 2021. The
Company’s final remarketing period for the notes expired on March
28, 2024.
As of April 1, 2024 (the “purchase contract
settlement date”), holders of the Notes constituting a component of
the Corporate Units will be deemed to have delivered, automatically
and without requiring any additional action on their part, their
Notes to SJI to satisfy in full their obligations to pay the
purchase price for and settle the purchase contracts constituting a
component of their Corporate Units. Accordingly, on April 1, 2024,
each holder of a Corporate Unit will receive $69.2172 per unit,
plus accrued and unpaid purchase contract adjustment payments and
interest payments. Any Notes that remain outstanding after the
purchase contract settlement date will be redeemable on or after
April 1, 2026 at the Company’s option, in whole or in part, at a
price equal to the principal amount of such Notes, plus accrued and
unpaid interest to the redemption date.
About SJISJI, an energy
infrastructure holding company based in Folsom, NJ, delivers energy
services to customers through two primary subsidiaries: SJI
Utilities (SJIU) and SJI Energy Enterprises (SJIEE). SJIU houses
the Company’s regulated natural gas utility operations, delivering
safe, reliable, and affordable natural gas to more than 735,000
residential, commercial and industrial customers across New Jersey
via its South Jersey Gas and Elizabethtown Gas subsidiaries. SJIEE
houses the Company’s non-utility operations primarily focused on
clean energy development and decarbonization via renewable energy
production and energy management activities.
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