DEBT

A summary of NJR's and NJNG's long-term debt are as follows:



(Thousands)	June 30, 2011		September 30, 2010
NJR	$	50,000	$	50,000
NJNG ⁽¹⁾	329,845		349,845
Total	$	379,845	$	399,845


(1)	Long-term debt excludes lease obligations of $60.6 million and $60.3 million at June 30, 2011 and September 30, 2010, respectively.

A summary of NJR's and NJNG's debt shelf and credit facilities are as follows:



(Thousands)	June 30, 2011			September 30, 2010
NJR
Debt shelf facilities ⁽¹⁾	$	175,000		$	—
Bank credit facilities⁽²⁾	$	325,000		$	325,000
Amount outstanding at end of period
Notes payable to banks	$	138,000		$	140,600
Weighted average interest rate at end of period
Notes payable to banks	0.51		%	0.64		%
NJNG
Bank credit facilities ⁽²⁾	$	200,000		$	200,000
Amount outstanding at end of period
Commercial paper	$	—		$	7,000
Weighted average interest rate at end of period
Commercial paper	—		%	0.26		%


(1)	Uncommitted, long-term debt shelf facilities, which require no commitment fees on the unused amounts.


(2)	Committed credit facilities, which require commitment fees on the unused amounts.

NJR

NJR has a $325 million unsecured committed credit facility expiring in December 2012. As of June 30, 2011, NJR had $138 million in borrowings outstanding under the facility.

On January 11, 2011, NJR entered into an agreement for an additional $50 million unsecured committed credit line, which was terminated by NJR on February 22, 2011. The additional credit line, was put in place primarily to provide additional working capital to NJRES to meet any potential margin calls that could have arisen in NJRES' normal course of business.

NJR entered into two new unsecured, uncommitted private placement debt shelf note agreements in the third quarter of fiscal 2011. The first agreement was entered into on May 12, 2011, in the amount of $100 million, and expires on May 10, 2013. The second agreement became effective on June 30, 2011, in the amount of $75 million, and expires on June 30, 2014. Notes issued under these agreements will be guaranteed by certain unregulated subsidiaries of the Company. The additional credit lines will be used for general corporate purposes, including working capital and capital expenditures. As of June 30, 2011, NJR had no borrowings outstanding under these agreements.

As of June 30, 2011, NJR has five letters of credit outstanding totaling $8.4 million. Three of the letters of credit, which total $7.1 million, are on behalf of NJRES. The other two letters of credit are on behalf of CR&R and NJRCEV in the amount of $675,000 and $711,000, respectively. These letters of credit reduce the amount available under NJR's committed credit facility by the same amount. NJR does not anticipate that these letters of credit will be drawn upon by the counterparties, and they will be renewed as necessary.

Two of NJRES' letters of credit are used to secure the purchase and/or sale of natural gas; one expires on December 31, 2011, and the other expires on February 1, 2012. The third NJRES letter of credit is used for margin requirements for natural gas transactions and expires on December 31, 2011. CR&R's letter of credit is in place to support development activities and expires on December 3, 2011. NJRCEV's letter of credit is in place to secure construction of a ground-mounted solar project and expires on June 22, 2012.

NJNG

NJNG has a $200 million revolving unsecured committed credit facility, which expires in December 2012. The credit facility is used to support NJNG's commercial paper program and provides for the issuance of letters of credit. As of June 30, 2011, NJNG had no borrowings outstanding under the facility.

On October 1, 2010, upon maturity, NJNG redeemed its $20 million, 6.88 percent Series CC First Mortgage bonds.

NJNG received $5.9 million and $4.9 million in December 2010 and 2009, respectively, in connection with the sale-leaseback of its natural gas meters. This sale-leaseback program is expected to be continued on an annual basis.

Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit facility or NJR private placement debt shelf