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DEBT
 9 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT
9. 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 and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

On February 8, 2022, NJR entered into a 364-day $150 million term loan credit agreement with an interest rate based on SOFR plus 0.85 percent, which expires on February 7, 2023. The Company borrowed $50 million on February 9, 2022 and $100 million on February 14, 2022.

A summary of NJR's credit facility and term loan credit agreement and NJNG's commercial paper program and credit facility are as follows:
(Thousands)June 30,
2022		September 30,
2021		Expiration Dates
NJR
Bank revolving credit facility (1)
$500,000 $500,000 September 2026
Notes outstanding at end of period$220,350 $219,100 
Weighted average interest rate at end of period3.35 %1.05 %
Amount available at end of period (2)
$264,327 $270,312 
Bank term loan credit agreement$150,000 $— February 2023
Loans outstanding at end of period$150,000 $— 
Weighted average interest rate at end of period1.89 %— %
Amount available at end of period$— $— 
NJNG
Bank revolving credit facility (3)
$250,000 $250,000 September 2026
Commercial paper and notes outstanding at end of period$— $158,200 
Weighted average interest rate at end of period— %0.17 %
Amount available at end of period (4)
$249,269 $91,069 
(1)Committed credit facilities, which require commitment fees of 0.10 percent on the unused amounts.
(2)Letters of credit outstanding total $15.3 million at June 30, 2022 and $10.6 million at September 30, 2021, which reduces the amount available by the same amount.
(3)Committed credit facilities, which require commitment fees of 0.075 percent on the unused amounts.
(4)Letters of credit outstanding total $731,000 at both June 30, 2022 and September 30, 2021, 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 facility or term loan.
Long-term Debt

NJR

On February 16, 2022, NJR signed a commitment letter with a financial institution to refinance $50 million of its Senior Unsecured Notes that are currently scheduled to mature in September 2022. The new Senior Unsecured Note will be financed over a 12-year term with an interest rate of 3.64 percent maturing in 2034.

On June 23, 2022, NJR entered into a Note Purchase Agreement under which NJR issued $110 million, Series 2022A senior notes at a fixed rate of 4.38 percent, maturing in 2027. The senior notes are unsecured and guaranteed by certain unregulated subsidiaries of NJR.

NJNG

On October 28, 2021, NJNG entered into a Note Purchase Agreement for $100 million of its senior notes, of which $50 million were issued at an interest rate of 2.97 percent, maturing in 2051, and $50 million were issued at an interest rate of 3.07 percent, maturing in 2061. The senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture.

On May 27, 2022, NJNG entered into a Note Purchase Agreement for $100 million of its senior notes, of which $50 million were issued at an interest rate of 4.37 percent, maturing in 2037, and $50 million were issued at an interest rate of 4.71 percent, maturing in 2052. The senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture.

NJNG received $17.3 million during the nine months ended June 30, 2022, in connection with the sale leaseback of its natural gas meters. NJNG records a financing 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. There were no natural gas meter sale leasebacks recorded during the nine months ended June 30, 2021. NJNG exercised early purchase options with respect to meter leases by making final principal payments of $1.1 million and $1.2 million during the nine months ended June 30, 2022 and 2021, respectively.

Clean Energy Ventures

Clean Energy Ventures enters into transactions to sell certain commercial solar assets concurrent with agreements to lease the assets back over a period of five to 15 years. These transactions are treated as financing obligations for accounting purposes and are typically secured by the renewable energy facility asset and its future cash flows from RECs and energy sales. ITCs and other tax benefits associated with these solar projects are transferred to the buyer, if applicable; however, the lease payments are structured so that Clean Energy Ventures is compensated for the transfer of the related tax incentives. Clean Energy Ventures continues to operate the solar assets, including related expenses, and retain the revenue generated from RECs and energy sales, and has the option to renew the lease or repurchase the assets sold at the end of the lease term. During the nine months ended June 30, 2022 and 2021, Clean Energy Ventures received proceeds of $3.3 million and $17.7 million, respectively, in connection with the sale leaseback of commercial solar projects. The proceeds received were recognized as a financing obligation on the Unaudited Condensed Consolidated Balance Sheets.