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LINES OF CREDIT AND SHORT-TERM BORROWINGS
 3 Months Ended
Mar. 31, 2021
Line of Credit Facility [Abstract]  
LINES OF CREDIT AND SHORT-TERM BORROWINGS LINES OF CREDIT & SHORT-TERM BORROWINGS:
 
Credit facilities and available liquidity as of March 31, 2021 were as follows (in thousands):

CompanyTotal FacilityUsageAvailable LiquidityExpiration Date
SJI:    
SJI Syndicated Revolving Credit Facility$500,000 $136,700 (A)$363,300 August 2022
Total SJI500,000 136,700 363,300  
SJG:    
Commercial Paper Program/Revolving Credit Facility200,000 1,400 (B)198,600 August 2022
Uncommitted Bank Line10,000 — 10,000 September 2021
Total SJG210,000 1,400 208,600  
ETG/SJIU:
ETG/SJIU Revolving Credit Facility200,000 45,100 (C)154,900 April 2023
Total$910,000 $183,200 $726,800  

(A) Includes letters of credit outstanding in the amount of $9.5 million, which is used to enable SJE to market retail electricity as well as for various construction and operating activities.
(B) Includes letters of credit outstanding in the amount of $1.4 million, which supports the remediation of environmental conditions at certain locations in SJG's service territory.
(C) Includes letters of credit outstanding in the amount of $1.0 million, which supports ETG's construction activity.

For SJI and SJG, the amount of usage shown in the table above, less the letters of credit noted in (A)-(C) for SJI and (B) for SJG above, equals the amounts recorded as Notes Payable on the respective condensed consolidated balance sheets as of March 31, 2021.

During the first quarter of 2021, SJI paid off its $150.0 million term loan agreement at maturity.

SJI's Five Year Revolving Credit Agreement ("Credit Agreement") allows SJI to borrow in the form of revolving loans a total aggregate amount of $500.0 million. In addition, as part of the total $500.0 million extension of credit, the Credit Agreement provides for swingline loans (in an amount not to exceed an aggregate of $50.0 million) and letters of credit (in an amount not to exceed an aggregate of $200.0 million), each at the applicable interest rates specified in the Credit Agreement.

SJIU and ETG (as Borrowers) have a $200.0 million revolving credit agreement which provides for the extension of credit to the Borrowers in a total aggregate amount of $200.0 million, in the form of revolving loans up to a full amount of $200.0 million, swingline loans in an amount not to exceed an aggregate of $20.0 million and letters of credit in an amount not to exceed an aggregate of $50.0 million, each at the applicable interest rates specified in the revolving credit agreement. Subject to certain conditions set forth in the revolving credit agreement, the Borrowers may increase the revolving credit facility up to a maximum aggregate amount of $50.0 million (for a total revolving facility of up to $250.0 million). In April 2021, SJIU and ETG entered into a fourth amendment to the revolving credit agreement. The principal purpose of the amendment was to extend the termination date of the revolving credit agreement from April 29, 2022 to April 26, 2023.
SJG has a revolving credit facility which allows SJG to borrow in the form of revolving loans a total aggregate amount $200.0 million. SJG has a commercial paper program under which SJG may issue short-term, unsecured promissory notes to qualified investors up to a maximum aggregate amount outstanding at any time of $200.0 million. The notes have fixed maturities which vary by note, but may not exceed 270 days from the date of issue. Proceeds from the notes are used for general corporate purposes. SJG uses the commercial paper program in tandem with its $200.0 million revolving credit facility and the principal amount of borrowings outstanding under the commercial paper program and the credit facility cannot exceed an aggregate of $200.0 million.

Each of the credit facilities are provided by a syndicate of banks. The NPA for Senior Unsecured Notes issued by SJI, and the Utilities' credit facilities, contain a financial covenant limiting the ratio of indebtedness to total capitalization (as defined in the respective NPA or credit agreement) to not more than 0.70 to 1, measured at the end of each fiscal quarter. SJI and the Utilities were in compliance with these covenants as of March 31, 2021. For SJI, the equity units are treated as equity (as opposed to how they are classified on the condensed consolidated balance sheet, as long-term debt; see Note 4) for purposes of the covenant calculation.

The credit facilities are restricted as to use and availability specifically to the respective subsidiaries; however, if necessary, the SJI facilities can also be used to support the liquidity needs of the subsidiaries. Borrowings under these credit facilities are at market rates.

Although there can be no assurance, management believes that actions presently being taken to pay off or refinance the short-term debt and borrowings that are due within the next year will be successful, as the Company has been successful in refinancing debt in the past. No adjustments have been made to the financial statements to account for this uncertainty.

The weighted average interest rate on these borrowings, which changes daily, were as follows:

March 31, 2021March 31, 2020
Weighted average interest rate on borrowings:
SJI (inclusive of SJG, ETG and SJIU)1.40 %2.02 %
SJG0.19 %1.76 %

Average borrowings and maximum amounts outstanding on these facilities were as follows (in thousands):
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Average borrowings outstanding, not including LOC:
SJI (inclusive of all subsidiaries' facilities)$366,500 $774,000 
SJG$21,200 $152,500 
Maximum amounts outstanding, not including LOC:
SJI (inclusive of all subsidiaries' facilities)$452,900 $872,200 
SJG$47,500 $171,700