The tender offer at a discount to par is a modest liability management move that reduces future interest costs if fully subscribed. Monitor the pricing of the new subordinated notes offering, as its terms will determine the net benefit and whether the tender closes. The offer is not conditioned on minimum tender, so partial acceptance is possible.
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Executive Summary
South Jersey Industries commenced a cash tender offer to repurchase any and all of its $287.5 million outstanding 2018 Series A 3.70% Remarketable Junior Subordinated Notes due 2031 at $92 per $1,000 principal amount, representing an 8% discount to par. The offer is contingent on pricing a new subordinated notes offering and is not conditioned on a minimum tender amount.
Key Financial Metrics
Key Facts
- Tender offer for any and all of $287.5 million aggregate principal amount of 3.70% junior subordinated notes due 2031
- Total consideration of $92 per $1,000 principal amount (8% discount to par)
- Expiration time: May 26, 2026 at 5:00 PM ET; settlement expected May 29, 2026
- Offer conditioned on pricing of a new fixed-to-fixed reset rate subordinated notes offering on satisfactory terms
- Mizuho Securities USA LLC is dealer manager; D.F. King & Co., Inc. is tender and information agent
Financial Impact
Up to $287.5 million in principal repurchased at 92% of par, implying ~$23 million discount to par value; plus accrued interest from April 15, 2026 to settlement date
Risk Factors
- Tender offer may not be consummated if new notes offering is not priced on satisfactory terms
- Failure to consummate could negatively affect market price and liquidity of the notes
- Potential adverse legal or market developments could prevent completion
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3293258 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 22, 2026 22w ago | Press Release | — | awaiting T+20 | — | — |
May 12, 2026 23w ago | Press Release | — | awaiting T+20 | — | — |
May 12, 2026 23w ago | Press Release | — | awaiting T+20 | — | — |
US Market Status
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