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| SJI > SEC Filings for SJI > Form 8-K on 14-Feb-2013 | All Recent SEC Filings |
14-Feb-2013
Entry into a Material Definitive Agreement, Creation of a Direct Fina
On February 11, 2013, South Jersey Industries, Inc. (the "Company") entered into an amendment (the "Amendment") to its unsecured revolving credit agreement (such agreement, as amended by the Amendment, the "Credit Agreement"), which is syndicated among eight banks, including Wells Fargo National Bank, National Association, as administrative agent. The Amendment increases the size of the revolving credit facility from $300 million to $400 million and extends the term of the Credit Agreement from April 29, 2015 until February 9, 2018, unless earlier terminated or extended in accordance with its terms. Subject to certain conditions set forth in the Credit Agreement, the Company may increase the amount of the revolving credit facility up to a maximum aggregate amount of $500 million, although no lender is obligated to increase its commitment.
Except as set forth above, the Amendment does not materially alter the original credit agreement. Any proceeds from borrowings under the Credit Agreement may be used for general corporate purposes.
The Credit Agreement contains customary representations, warranties and covenants, including a financial covenant limiting the ratio of Indebtedness of the Company and its subsidiaries on a consolidated basis to Consolidated Total Capitalization of not more than 0.65 to 1.0 (as such terms are defined in the Credit Agreement), and customary events of default.
Many of the lenders under the Credit Agreement have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending and/or commercial banking services or other services for the Company or its affiliates, and affiliates or certain of these lenders have served in the past as underwriters in public offerings of securities by the Company or its affiliates, for which they have received, and may in the future receive, customary compensation and expense reimbursement.
A copy of the Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01. The foregoing summary of the Credit Agreement, as amended by the Amendment, is qualified in its entirety by reference to the text of the Amendment filed herewith and to the original credit agreement which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated April 29, 2011 and filed with the Commission on May 2, 2011.
(d) Exhibits
10.1 First Amendment to Credit Agreement, dated as of February 11, 2013, among
South Jersey Industries, Inc., the several lenders from time to time
party thereto, and Wells Fargo National Bank, National Association, as
administrative agent.
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