South Jersey Industries Form 8-K dated August 22, 2006
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of
Report
(Date
of
earliest event reported)
August
22, 2006
SOUTH
JERSEY INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
|
New
Jersey
|
1-6364
|
22-1901645
|
|
(State
of incorporation)
|
(
Commission File Number)
|
(IRS
employer identification no.)
|
1
South Jersey Plaza, Folsom, New Jersey 08037
(Address
of principal executive offices, including zip code)
(609)
561-9000
(Registrant’s
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| r |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| r |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| r |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
| r |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
1.01. Entry into a Material Definitive Agreement.
The
disclosure required by this Item are set forth in Item 2.03 below, which is
incorporated herein by reference thereto.
Item
2.03. Creation of a Direct Financial Obligation.
On
August
22, 2006, South Jersey Industries, Inc. (SJI) entered into a 5-year, $200
million revolving credit agreement with various lenders and Wachovia Bank,
National Association as Administrative Agent. In addition to Wachovia, other
lenders party to the credit facility are Citizens Bank of Pennsylvania; J.P.
Morgan Chase Bank, N.A.; PNC Bank, National Association; Bank of America, N.A.;
Commerce Bank, N.A.; Citibank, F.S.B; and The Bank of New York. The new
revolving credit replaces a previous $60 million revolving credit that was
due
to expire on August 21, 2007 and a $46 million facility for letters of credit
that were issued to provide liquidity support for variable rate demand
bonds. That facility was due to expire on September 19, 2007. Those
facilities were terminated upon the establishment of the new revolving
credit.
Terms
and
conditions of the new revolving credit are generally more favorable to SJI
than
were those contained in the previous credit facilities. The new facility
includes pricing that varies based upon the unsecured senior debt ratings of
SJI
and its subsidiaries, and contains one financial covenant ratio that
requires the maintenance of a debt to capitalization ratio of not more than
0.65
to 1.00. The revolving credit is available to repay outstanding debt under
the previous revolver, to issue letters of credit, to provide for working
capital needs and for general corporate purposes.
Item
9.01. Financial Statements and Exhibits.
Exhibit:
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10
|
Loan
Agreement dated as of August 22, 2006 by and between the South Jersey
Industries, Inc., as borrower, Wachovia Bank, N.A., as Administrative
Agent, and Bank of America, N.A., JPMorgan Chase Bank, N.A., and
PNC Bank,
N.A., as Co-Syndication Agents.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
SOUTH
JERSEY
INDUSTRIES, INC.
Dated:
August 25, 2006 By: /s/ David
A.
Kindlick
Name:
David A.
Kindlick
Title:
Vice President
and Chief Financial Officer