Item 1.01 Entry into a Material Definitive Agreement.
Amendment to NJR Second Amended and Restated Credit Agreement
On August 30, 2022, New Jersey Resources Corporation (“NJR”), as borrower, and certain of NJR’s unregulated subsidiaries, as guarantors (the “Guarantors”), entered into
an amendment (the “NJR Amendment”) to the Second Amended and Restated Credit Agreement, dated as of September 2, 2021 (the “NJR Second A&R Credit Agreement”) with the several lenders party thereto and PNC Bank, National Association, as
Administrative Agent. The NJR Amendment: (i) increases the revolving credit facility from $500,000,000 to $650,000,000, (ii) increases the swing loan commitment from $60,000,000 to $70,000,000 and (iii) extends the maturity date to September 2, 2027,
pursuant to NJR’s option to extend the maturity date under the NJR Second A&R Credit Agreement. In addition, the NJR Amendment provides that borrowings under the NJR Second A&R Credit Agreement, as amended, will bear interest, at NJR’s
option at (i) a rate per annum equal to the Adjusted Term SOFR Rate (as defined therein) plus an applicable margin ranging between 0.875% and 1.75% or (ii) a rate per annum equal to the base rate plus an applicable margin ranging between 0.00% and
0.75%. In each case the applicable margin is determined based on the credit rating of New Jersey Natural Gas Company (“NJNG”), a wholly-owned subsidiary of NJR, from Fitch, Inc. and Moody’s Investor Services, Inc., or a successor nationally
recognized statistical rating agency (the “NJNG Credit Rating”). All of the other material terms and conditions of the NJR Second A&R Credit Agreement remain unchanged. For a description of the NJR Second A&R Credit Agreement see NJR’s
Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on September 9, 2021.
A copy of the NJR 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 NJR Amendment is qualified in its entirety by reference to the text of the NJR Amendment filed herewith.
NJR and its affiliates regularly engage the banks listed above to provide other banking services. All of these engagements are negotiated at arm’s length.
Amendment to NJNG Second Amended and Restated Credit Agreement
On August 30, 2022, NJNG, as borrower, entered into an amendment (the “NJNG Amendment”) to the Second Amended and Restated Credit Agreement, dated as of September 2,
2021 (the “NJNG Second A&R Credit Agreement”), with the several lenders parties thereto, and PNC Bank, National Association, as Administrative Agent. The NJNG Amendment extends the maturity date to September 2, 2027, pursuant to NJNG’s option to
extend the maturity date under the NJNG Second A&R Credit Agreement. In addition, the NJNG Amendment provides that borrowings under the NJNG Second A&R Credit Agreement, as amended, will bear interest, at NJNG’s option at (i) a rate per
annum equal to the Adjusted Term SOFR Rate (as defined therein) plus an applicable margin ranging between 0.75% and 1.50% or (ii) a rate per annum equal to the base rate plus an applicable margin ranging between 0.00% and 0.50%. In each case the
applicable margin is determined based on the NJNG Credit Rating. All of the other material terms and conditions of the NJNG Second A&R Credit Agreement remain unchanged. For a description of the NJNG Second A&R Credit Agreement see NJR’s
Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on September 9, 2021.
A copy of the NJNG Amendment is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01. The foregoing summary of
the NJNG Amendment is qualified in its entirety by reference to the text of the NJNG Amendment filed herewith.
NJNG and its affiliates regularly engage the banks listed above to provide other banking services. All of these engagements are negotiated at arm’s length.