New Jersey Natural Gas Company sells $50 million in senior notes

New Jersey Natural Gas Company issued and sold $50,000,000 of 5.43% Senior Notes, Series 2026C, to institutional investors on October 22, 2026. The notes, which mature on October 22, 2036, were sold in a private placement market pursuant to a Note Purchase Agreement dated August 20, 2026. This transaction was disclosed by New Jersey Resources Corporation (NJR) in a Form 8-K filed with the U.S. Securities and Exchange Commission.

The new debt is secured by an equal principal amount of First Mortgage Bonds issued under an indenture between New Jersey Natural Gas Company and U.S. Bank National Association. The filing notes that the security is further amended by the Nineteenth Supplemental Indenture dated October 1, 2026. Consequently, the notes are secured ratably with the First Mortgage Bonds in the collateral pledged to secure such bonds. New Jersey Resources Corporation stated it will not be directly or contingently obligated with respect to the notes or the underlying First Mortgage Bonds.

Interest on the notes accrues at a rate of 5.43% per annum. Payments are due semi-annually on October 22 and April 22, beginning on April 22, 2027, and continuing until the maturity date. New Jersey Natural Gas Company holds the right to prepay all or part of the notes at any time, provided any partial prepayment is not less than $1,000,000 in aggregate principal amount. Prepayments are made at 100% of the principal amount plus accrued interest and a make-whole amount as defined in the Note Purchase Agreement. The notes are also subject to required prepayments upon the occurrence of certain events.

The proceeds from the issuance will be used for general corporate purposes. The filing specifies that this includes refinancing or retiring short-term debt and funding capital expenditures. The notes are not registered under the Securities Act of 1933 or under the securities laws of any jurisdiction. They are subject to transfer restrictions and may only be sold in transactions exempt from or not subject to registration requirements.

Roberto F. Bel, Senior Vice President and Chief Financial Officer of New Jersey Resources Corporation, signed the report on October 23, 2026. The company identified itself as an emerging growth company but elected not to use the extended transition period for complying with new or revised financial accounting standards.