LONG-TERM DEBT

6 Months Ended

Jun. 30, 2022

Long-Term Debt, Unclassified [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT:

Except as described below, there have been no significant changes to SJI's or SJG's long-term debt since December 31, 2021. See Note 14 to the Consolidated Financial Statements in Item 8 of SJI's and SJG's Annual Report on Form 10-K for the year ended December 31, 2021.

The consummation of the Merger would constitute a "Change in Control" under certain long-term debt agreements, and, as such, would provide applicable debt holders the right to have their debt repurchased. If the debt holders elect repayment, the Parent has secured a debt commitment letter to provide funding to repay those amounts. The Company expects to take necessary steps in the future, which could include using the debt commitment letter, or securing additional funds, in order to repay those amounts, which could result in additional interest to be paid.

In March 2022, SJG repaid $2.5 million of 4.84% MTNs, which are due annually with the final payment due March 2026.

In April 2022, SJG repaid $3.2 million of 3.74% MTNs, which are due annually with the final payment due April 2032.

In June 2022, SJG repaid $7.5 million of 4.93% MTNs, which are due annually with the final payment due June 2026.

In June 2022, SJI repaid $35.0 million of 3.71% MTNs at maturity.

In July 2022, the Company entered into an additional note purchase agreement. See Note 18.