QUANTUMONLINE.COM SECURITY DESCRIPTION: South Jersey Industries, Inc., 5.625% Junior Subordinated Notes due 9/16/2079 issued in $25 denominations, redeemable at the issuer's option on or after 9/16/2024 at $25 per note plus accrued and unpaid interest, and maturing 9/16/2079. Interest distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 3/16, 6/16, 9/16 & 12/16 to holders of record on the record date that will be the close of business on the business day immediately preceding the applicable payment date. (NOTE: the ex-dividend date is one business day prior to the record date).
Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders
The issuer has the right, on one or more occasions, to defer the payment of interest on the Notes for up to 40 consecutive quarterly periods without giving rise to an event of default.
The Company may redeem the Notes before 9/16/2024 at $25 of their principal amount plus accrued and unpaid interest, upon changes in tax laws; before 9/16/2024 at $25.50 plus accrued and unpaid interest upon a rating agency event.
Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest.
This security was NOT rated by Moody’s and rated BB+ by S&P at the date of its IPO. The Notes are unsecured, junior subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
