SJI - South Jersey Industries Inc. Announces Results of Final Remarketing of Series B 1.65% Remarketable Junior Subordinated Notes due 2029
Folsom, NJ, March 28, 2024 (GLOBE NEWSWIRE) --
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 SJI
SJI, 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.