LINES OF CREDIT:

Credit facilities and available liquidity as of March 31, 2016 were as follows (in thousands):



Company	Total Facility		Usage			Available Liquidity		Expiration Date
SJG:
Commercial Paper Program/Revolving Credit Facility	$	200,000	$	66,900	(A)	$	133,100	May 2018
Uncommitted Bank Lines	10,000		—			10,000		August 2016

Total SJG	210,000		66,900			143,100

SJI:

Revolving Credit Facility	400,000		278,000		(B)	122,000		February 2018

Total SJI	400,000		278,000			122,000

Total	$	610,000	$	344,900		$	265,100

(A) Includes letters of credit outstanding in the amount of $2.1 million.

(B) Includes letters of credit outstanding in the amount of $3.3 million.

The SJG facilities are restricted as to use and availability specifically to SJG; however, if necessary, the SJI facilities can also be used to support SJG’s liquidity needs. Borrowings under these credit facilities are at market rates. The weighted average interest rate on these borrowings, which changes daily, was 1.34% and 0.88% at March 31, 2016 and 2015, respectively. Average borrowings outstanding under these credit facilities, not including letters of credit, during the three months ended March 31, 2016 and 2015 were $394.6 million and $274.1 million, respectively. The maximum amounts outstanding under these credit facilities, not including letters of credit, during the three months ended March 31, 2016 and 2015 were $467.7 million and $329.4 million, respectively.

The SJI and SJG facilities are provided by a syndicate of banks and contain one financial covenant limiting the ratio of indebtedness to total capitalization (as defined in the respective credit agreements) to not more than 0.65 to 1, measured at the end of each fiscal quarter. SJI and SJG were in compliance with this covenant as of March 31, 2016.

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 does not expect the principal amount of borrowings outstanding under the commercial paper program and the credit facility at any time to exceed an aggregate of $200.0 million.

In March 2016, the Company entered into amendments to three separate letter of credit reimbursement agreements in connection with letters of credit that were set to expire on March 15, 2016. The letters of credit are in the aggregate amount of $62.3 million and support three outstanding series of bonds issued by Marina, in the amounts of $16.4 million, $20.0 million and $25.0 million. Each of the three amendments was entered into in connection with the extension of its respective letter of credit until March 15, 2018, and each amendment provides for the Company to reimburse the issuing bank for any draws under the related letter of credit.