DEBT

NJR and NJNG finance working capital requirements and capital expenditures through the issuance of various long-term debt and other financing arrangements, including unsecured credit and private placement debt shelf facilities. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities.

A summary of NJR's and NJNG's debt shelf and credit facilities are as follows:



(Thousands)	June 30, 2012			September 30, 2011			Maturity Dates
NJR
Debt shelf facilities ^{(1) (2) (3)}	$	175,000		$	175,000		Various⁽³⁾
Bank credit facilities⁽⁴⁾	$	325,000		$	325,000		December 2012
Notes payable outstanding at end of period	$	218,000		$	132,850
Weighted average interest rate at end of period	0.56		%	0.54		%
Amount available at end of period ⁽⁵⁾	$	98,464		$	157,853
NJNG
Bank credit facility dedicated to EDA Bonds ^{(2) (4)}	$	100,000		$	100,000		August 2015
Bank credit facilities ⁽⁴⁾	$	200,000		$	200,000		August 2014
Commercial paper outstanding at end of period	$	82,000		$	26,500
Weighted average interest rate at end of period	0.19		%	0.24		%
Amount available at end of period	$	118,000		$	173,500


(1)	Uncommitted, long-term debt shelf facilities, which require no commitment fees on the unused amounts.


(2)	There were no borrowings outstanding as of June 30, 2012 and September 30, 2011, respectively.


(3)	$100 million debt shelf expires May 2013 and $75 million debt shelf expires June 2014.


(4)	Committed credit facilities, which require commitment fees on the unused amounts.


(5)	Letters of credit outstanding total $8.5 million and $34.3 million as of June 30, 2012 and September 30, 2011, respectively, which reduces amount available.

NJR

NJR has a $325 million unsecured committed credit facility expiring in December 2012, which it expects to refinance in August 2012.

NJR has a $100 million and a $75 million uncommitted private placement shelf note agreement, expiring in May 2013 and June 2014, respectively, allowing NJR to issue senior notes, the terms and conditions of which, including interest rates and maturity dates, will be agreed upon at the time of each issuance. As of June 30, 2012, NJR had no borrowings outstanding under these agreements. On September 17, 2012, subject to the terms and conditions of the respective shelf note agreements, NJR intends to borrow $25 million at 1.94 percent, which will mature on September 15, 2015, $25 million at 2.51 percent, which will mature on September 15, 2018 and $50 million at 3.25 percent, which will mature on September 17, 2022.

Other

NJNG received $6.5 million and $5.9 million in December 2011 and 2010, respectively, in connection with the sale-leaseback of its natural gas meters. This sale-leaseback program is expected to continue on an annual basis.

On June 1, 2012, NJNG filed a petition with the BPU requesting authorization over a three-year period to issue debt, renew its revolving credit facility expiring August 2014, renew its credit facility supporting NJNG's obligations with respect to bonds issued by the New Jersey Economic Development Authority, enter into interest rate risk management transactions and increase the size of its meter leasing program on a permanent basis.