New Jersey Natural Gas closes $50M note sale, completing $150M placement
What's the deal? New Jersey Natural Gas Company (NJNG), a wholly owned subsidiary of New Jersey Resources Corporation (NYSE: NJR), issued $50 million of 5.43% senior notes to institutional investors on October 22, 2026. The notes, Series 2026C, mature in October 2036 and were placed privately under a note purchase agreement signed in August.
What's the money for? Proceeds will fund general corporate purposes, including refinancing short-term debt and capital spending. The notes are secured by an equal amount of NJNG's first mortgage bonds; NJR carries no direct or contingent obligation on them.
Why now? The issue completes a $150 million private placement NJNG announced in August. The first two $50 million series closed then — 5.43% notes due 2036 and 6.04% notes due 2056 — leaving Series 2026C as the final tranche.
What's the endgame? The debt supports a sizeable investment program. NJR expects $4.8–$5.2 billion in capital spending through 2030, with more than 60% directed to its regulated utility, and has raised its fiscal 2026 outlook, citing safety and reliability work.
The signal: For a regulated gas utility, tapping institutional private markets in fixed-rate tranches is a routine way to fund steady infrastructure needs. This closing is less a standalone event than the quiet completion of financing already set in motion.
Read more: kalkinemedia.com
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