DEBT

NJR and NJNG finance working capital requirements and capital expenditures through the issuance of various long-term debt and other financing arrangements, including unsecured credit and private placement debt shelf facilities. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities.

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



(Thousands)	March 31, 2013			September 30, 2012			Maturity Dates
NJNG
Bank credit facility dedicated to EDA Bonds ^{(1) (2)}	$	100,000		$	100,000		August 2015
Bank credit facilities ⁽¹⁾	$	250,000		$	200,000		August 2014
Amount outstanding at end of period	$	107,500		$	135,000
Weighted average interest rate at end of period	0.17		%	0.18		%
Amount available at end of period	$	142,500		$	65,000
NJR
Debt shelf facilities ^{(3) (4)}	$	175,000		$	175,000		Various
Amount outstanding at end of period	$	100,000		$	100,000
Weighted average interest rate at end of period	2.74		%	2.74		%
Amount available at end of period	$	75,000		$	75,000
Bank credit facilities⁽¹⁾	$	325,000		$	325,000		August 2017
Amount outstanding at end of period	$	180,600		$	144,800
Weighted average interest rate at end of period	1.15		%	1.16		%
Amount available at end of period ⁽⁵⁾	$	125,510		$	166,339


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


(2)	There were no borrowings outstanding as of March 31, 2013 and September 30, 2012, respectively.


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


(4)	NJR's ability to issue debt under the $100 million and $75 million debt shelf facilities expires May 2013 and June 2014, respectively.


(5)	Letters of credit outstanding total $18.9 million and $13.9 million as of March 31, 2013 and September 30, 2012, respectively, which reduces amount available.

NJNG

NJNG received $7.1 million and $6.5 million in December 2012 and 2011, respectively, in connection with the sale-leaseback of its natural gas meters. NJNG records a capital lease obligation that is paid over the term of the lease and has the option to purchase the meters back at fair value upon expiration of the lease.

On October 4, 2012, the BPU approved a petition filed by NJNG requesting authorization over a three-year period to issue medium-term debt with a maturity of not more than 30 years, renew its revolving credit facility expiring August 2014, renew its credit facility supporting NJNG's obligations with respect to bonds issued by the New Jersey Economic Development Authority, enter into interest rate risk management transactions and increase the size of its meter leasing program on a permanent basis.

On November 30, 2012, NJNG utilized the accordion option available under its committed revolving syndicated credit facility to increase the amount of credit available from $200 million to $250 million.

On April 15, 2013, NJNG issued $50 million of 3.15 percent senior secured notes due April 15, 2028 (Notes) in the private placement market pursuant to a note purchase agreement entered into on February 8, 2013. Interest is payable on the Notes semi-annually. The proceeds from the Notes were used to refinance short-term debt and will fund capital expenditure requirements.