South jersey gas company private company information – bloomberg gas x directions

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South Jersey Gas Company, a public utility company, engages in the purchase, transmission, and sale of natural gas for residential, commercial, and industrial use. It also sells natural gas and pipeline transportation capacity on a wholesale basis to various customers on the interstate pipeline system, as well as transports natural gas purchased directly from producers or suppliers to customers. As of December 31, 2017, the company served 383,633 residential, commercial, and industrial customers in southern New Jersey. It had approximately 146.2 miles of mains in the transmission systems and approximately 6,645 miles of mains in the distribution systems. The company is headquartered in Folso…

South Jersey Gas Company, a public utility company, engages in the purchase, transmission, and sale of natural gas for residential, commercial, and industrial use. It also sells natural gas and pipeline transportation capacity on a wholesale basis to various customers on the interstate pipeline system, as well as transports natural gas purchased directly from producers or suppliers to customers. As of December 31, 2017, the company served 383,633 residential, commercial, and industrial customers in southern New Jersey. It had approximately 146.2 miles of mains in the transmission systems and approximately 6,645 miles of mains in the distribution systems. The company is headquartered in Folsom, New Jersey. South Jersey Gas Company is a subsidiary of South Jersey Industries, Inc.

On August 14, 2017, South Jersey Gas Company entered into an unsecured, five-year revolving credit agreement (the Credit Agreement"), which is syndicated among a number of banks, including Wells Fargo National Bank, National Association, as administrative agent, Bank of America, N.A., JP Morgan Chase Bank, N.A., PNC Bank, National Association and Citizens Bank of Pennsylvania. The Credit Agreement expires on August 12, 2022, unless earlier terminated or extended in accordance with its terms. The Credit Agreement provides for the extension of credit to the Company by the lenders thereunder in a total aggregate amount of $200 million (the Revolving Credit Facility"), in the form of revolving loans up to the full $200 million amount of the facility. In addition, as part of the total $200 million extension of credit, the Revolving Credit Facility provides for swingline loans (in an amount not to exceed an aggregate of $20 million), by the swingline lender thereunder, and letters of credit (in an amount not to exceed an aggregate of $100 million, of which $12.5 million has been fronted by various lenders), by the issuing banks thereunder, each at the applicable interest rates specified in the Credit Agreement. Subject to certain conditions set forth in the Credit Agreement, the Company may increase the Revolving Credit Facility up to a maximum aggregate amount of $50 million (for a total facility of up to $250 million), although no lender is obligated to increase its commitment. At the closing of the transaction, the Company borrowed funds to repay amounts owed under the 2011 Credit Agreement, which agreement was then terminated and is being replaced by the Credit Agreement. Thereafter, proceeds from borrowings under the Revolving Credit Facility may be used for general corporate purposes.

On January 26, 2017, South Jersey Gas Company entered into an unsecured, $200 million term loan credit agreement, which is syndicated among seven banks, including PNC Bank, National Association, as administrative agent. Under the Credit Agreement, the company can borrow up to an aggregate of $200 million from time to time until July 26, 2018. All loans under the Credit Agreement become due and payable on the second anniversary of the Credit Agreement, January 26, 2019. Any amounts repaid prior to the maturity date cannot be reborrowed. Immediately prior to entering into the Credit Agreement, the company repaid all amounts outstanding under its 2014 term loan credit agreement, thereby concluding that agreement. Subject to certain conditions in the Credit Agreement, the company may increase the Credit Facility from time to time by up to an additional maximum aggregate amount of $200 million, although no lender is obligated to increase its commitment. The term loans bear interest at a variable base rate or a variable LIBOR" rate based on the London interbank deposit market, at the company’s election. Interest on base rate loans will be equal to the highest of: the agent’s daily prime rate," the Federal Funds Rate plus 0.5%; and a rate related to the one-month LIBOR rate plus 1%, plus, in each case, an applicable margin that may range from zero to 0.05%, depending on the company’s unsecured credit rating. Interest on LIBOR rate loans will be determined by reference to LIBOR plus an applicable margin that may range from 0.65% to 1.05%, depending on the company’s unsecured credit rating.