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SJI is a prominent energy services holding company based in Folsom, New Jersey, dedicated to delivering essential energy services through its three primary subsidiaries. SJI Utilities, the regulated natural gas utility arm of the company, ensures the provision of safe, reliable, and affordable natural gas to approximately 700,000 customers in New Jersey through South Jersey Gas and Elizabethtown Gas.
Beyond its utility operations, SJI's non-utility businesses, grouped under South Jersey Energy Solutions, focus on promoting efficiency, clean technology, and renewable energy. This includes customized wholesale commodity marketing, fuel management services, and the development, ownership, and operation of on-site energy production facilities. SJI Midstream manages the company's interests in the PennEast Pipeline Project, further enhancing its strategic infrastructure capabilities.
With a clear commitment to advancing clean energy, SJI has embarked on several innovative projects. A notable recent achievement is the partnership with Captona and RNG Energy Solutions to develop the Linden Renewable Energy Project, one of the largest food waste-to-renewable natural gas (RNG) projects in the United States. This project aims to convert organic waste into pipeline-quality RNG, thereby contributing significantly to New Jersey's decarbonization goals and providing a sustainable energy source for Elizabethtown Gas customers.
The Linden project, expected to be completed by Q1 2026, will process up to 1,475 tons of waste daily, producing energy equivalent to 30,200 gallons of gasoline per day. This effort not only supports waste management but also aligns with stringent organic waste diversion regulations in the NYC and NJ regions.
SJI continues to collaborate with top-tier partners like Phoenix Power Group and prominent waste haulers to ensure the project's success. The City of Linden, NJ, has shown strong support, anticipating economic benefits and hundreds of new construction jobs.
Overall, SJI's dedication to clean energy and sustainability positions it as a significant player in the energy sector, continually driving forward with innovative solutions and robust partnerships.
South Jersey Industries (SJI) announced the final results of its cash tender offer for its 5.625% Junior Subordinated Notes due 2079. The tender offer, which expired on November 4, 2024, resulted in $95,490,150 in principal amount tendered, representing 47.75% of the outstanding notes. The company will pay $20.00 for each $25.00 principal amount of notes, plus accrued interest from September 16, 2024. Settlement is expected on November 6, 2024, with guaranteed delivery settlement on November 8, 2024. Mizuho Securities USA serves as the Dealer Manager for the tender offer.
South Jersey Industries (SJI) has announced changes to its cash tender offer for its 5.625% Junior Subordinated Notes due 2079. The company has increased the Total Consideration from $18.00 to $20.00 for each $25.00 principal amount of Notes and extended key deadlines. The new Expiration Time is set for November 4, 2024, at 5:00 p.m. NYC time, with the Guaranteed Delivery Date extended to November 6, 2024. As of October 28, 2024, $7,792,225 (3.9%) of the total $200,000,000 Notes outstanding had been tendered. The Withdrawal Deadline remains unchanged at October 30, 2024.
South Jersey Industries (SJI) has launched a cash tender offer to purchase any and all of its outstanding 5.625% Junior Subordinated Notes due 2079. The offer expires on October 30, 2024, at 5:00 p.m., New York City time, unless extended. The total consideration is $18.00 per $25.00 principal amount of Notes, plus accrued and unpaid interest.
Key dates include:
- Withdrawal Deadline: October 30, 2024, 5:00 p.m. NYC time
- Expiration Time: October 30, 2024, 5:00 p.m. NYC time
- Settlement Date: Expected November 1, 2024
- Guaranteed Delivery Date: Expected November 1, 2024
- Guaranteed Delivery Settlement Date: Expected November 5, 2024
The tender offer is not conditioned on any minimum amount of Notes being tendered. Mizuho Securities USA is serving as the Dealer Manager for the offer.
South Jersey Industries (SJI) announced change of control offers to repurchase various senior notes and bonds from its subsidiaries, South Jersey Gas (SJG) and Elizabethtown Gas (ETG), following a recent acquisition by the Infrastructure Investments Fund (IIF). The offers include repurchases of multiple series of notes due between 2024 and 2058. The SJI Offers will expire on March 16, 2023, while SJG and ETG offers will expire on March 28 and 29, 2023, respectively. The purchase price for all validly tendered notes will equal 100% of the principal amount plus accrued interest. Investors are encouraged to review the offer documents for detailed terms.
South Jersey Industries (SJI) has completed its acquisition by the Infrastructure Investments Fund (IIF), marking a significant step in SJI's commitment to sustainability and clean energy initiatives. This transaction enhances SJI's capabilities in modernizing critical infrastructure while ensuring safe, reliable energy delivery to its customers. Additionally, SJI's Board declared a stub period dividend of $0.1499 per share, reflecting the regular quarterly dividend rate prorated for a 44-day period. Shareholders as of January 31, 2023, will also receive $36.00 per share in cash as merger consideration.
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