LONG-TERM DEBT

3 Months Ended

Mar. 31, 2021

Long-term Debt, Unclassified [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT:

SJI and SJG had the following long-term debt-related activity during the three months ended March 31, 2021:

In March 2021, SJI completed a public offering of Equity Units for gross proceeds of $300.0 million (see Note 4). As of March 31, 2021, these Equity Units were not converted into equity; as such, the net proceeds, after underwriting discounts and commissions, of $291.0 million are recorded as Long-Term Debt on the condensed consolidated balance sheets.

On April 1, 2021, additional proceeds were received as the underwriters exercised their option to purchase additional Equity Units (see Notes 4 and 18). Gross proceeds were approximately $35.0 million, with net proceeds, after deducting underwriting discounts and commissions, of approximately $34.0 million.

In March 2021, SJG paid $2.5 million of 4.84% MTNs due annually beginning March 2021.