DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program, committed unsecured credit facilities and private placement debt shelf facilities.

Credit Facilities

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:



(Thousands)	December 31, 2016			September 30, 2016			Expiration Dates
NJR
Bank revolving credit facilities⁽¹⁾	$	425,000		$	425,000		September 2020
Notes outstanding at end of period	$	284,600		$	121,700
Weighted average interest rate at end of period	1.54		%	1.43		%
Amount available at end of period ⁽²⁾	$	126,010		$	288,910
NJNG
Bank revolving credit facilities ⁽¹⁾	$	250,000		$	250,000		May 2019
Commercial paper outstanding at end of period	$	—		$	—
Weighted average interest rate at end of period	—		%	—		%
Amount available at end of period ⁽⁴⁾	$	249,269		$	249,269


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


(2)	Letters of credit outstanding total $14.4 million for both December 31, 2016 and September 30, 2016, which reduces amount available by the same amount.


(3)	Uncommitted credit facilities, which require no commitment fees.


(4)	Letters of credit outstanding total $731,000 for both December 31, 2016 and September 30, 2016, which reduces the amount available by the same amount.

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.

Long-term Debt

NJNG

In December 2016, the Company decided to call and purchase, in lieu of redemption, three FMBs. As a result, the $10.3 million, 4.5 percent Series II, the $10.5 million, 4.6 percent Series JJ and the $15 million, 4.9 percent Series KK bonds have been reclassified to current maturities of long-term debt on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2016. On January 17, 2017, the Company completed the purchase of the three FMBs.

NJNG received $9.6 million and $7.1 million in December 2016 and 2015, respectively, in connection with the sale-leaseback of its natural gas meters. NJNG records a capital lease obligation that is paid over the term of the lease and has the option to purchase the meters back at fair value upon expiration of the lease. During the first quarter of fiscal 2017, NJNG exercised early purchase options with respect to meter leases by making final principal payments of $1 million. NJNG did not exercise early purchase options during the first quarter of fiscal 2016.