DEBT

3 Months Ended

Dec. 31, 2023

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

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

				At end of period
(Thousands)	As of date	Total borrowing capacity		Loans outstanding		Weighted average interest rate			Remaining borrowing capacity				Expiration dates
NJR bank revolving credit facilities (1)
December 31, 2023		$	650,000	$	165,150		6.56	%		$	476,002	(2)	September 2027
September 30, 2023		$	650,000	$	217,300		6.53	%		$	426,967	(2)	September 2027
NJNG bank revolving credit facilities (3)
December 31, 2023		$	250,000	$	103,500		5.48	%		$	145,769	(4)	September 2027
September 30, 2023		$	250,000	$	34,800		5.48	%		$	214,469	(4)	September 2027

(1)Committed credit facilities, which require commitment fees of 0.10% on the unused amounts.

(2)Letters of credit outstanding total $8.8M at December 31, 2023 and $5.7M at September 30, 2023, which reduces the amount available by the same amount.

(3)Committed credit facilities, which require commitment fees of 0.075% on the unused amounts.

(4)Letters of credit outstanding total $0.7M at both December 31, 2023 and September 30, 2023, 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

NJNG

On September 28, 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023.

NJNG received $8.8M and $8.4M during the three months ended December 31, 2023 and 2022, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes and has the option to purchase the meters back at fair value upon expiration of the lease.

Clean Energy Ventures

CEV received proceeds of $24.4M and $33.2M during the three months ended December 31, 2023 and 2022, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from SRECs, TRECs and energy sales, and has the option to renew the lease or repurchase the assets sold at the end of the lease term.