PNC Bank provided a four-month, $100 million revolving line of credit facility to New Jersey Resources (NJR). The revolver is scheduled to terminate on April 18, 2019.

According to the related 8-K filing, proceeds from the revolver will be used for working capital or other general business purposes.

Borrowings under the revolver will bear interest, at NJR’s option, on the day of the proposed advance, at the base rate option, or three business days prior to the proposed advance, at the LIBOR option or daily LIBOR option.

Advances may be requested in amounts of at least $1 million and in $500,000 increments above such minimum. The commitment fees rate for the unused portion of the revolver may range from 0.075% to 0.200%, depending on NJR’s credit rating as determined in a manner consistent with the company’s previous credit agreement with PNC Bank as administrative agent, JPMorgan Chase Bank, Wells Fargo Bank and U.S. Bank as syndication agents and Bank of America, Mizuho Bank and TD Bank as documentation agents.

The Revolver contains representations, warranties, covenants, conditions and defaults customary for transactions of this type.

NJR and its affiliates regularly engage PNC Bank to provide other banking services. All of these engagements are negotiated at arm’s length.

New Jersey Resources is an energy services holding company which focuses on the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investment in clean energy projects and midstream assets. It operates in four business segments: natural gas distribution, clean energy ventures, energy services and midstream.