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South Jersey Industries (SJI) announced change of control offers to repurchase various senior notes and bonds from its subsidiaries, South Jersey Gas (SJG) and Elizabethtown Gas (ETG), following a recent acquisition by the Infrastructure Investments Fund (IIF). The offers include repurchases of multiple series of notes due between 2024 and 2058. The SJI Offers will expire on March 16, 2023, while SJG and ETG offers will expire on March 28 and 29, 2023, respectively. The purchase price for all validly tendered notes will equal 100% of the principal amount plus accrued interest. Investors are encouraged to review the offer documents for detailed terms.
South Jersey Industries (SJI) has completed its acquisition by the Infrastructure Investments Fund (IIF), marking a significant step in SJI's commitment to sustainability and clean energy initiatives. This transaction enhances SJI's capabilities in modernizing critical infrastructure while ensuring safe, reliable energy delivery to its customers. Additionally, SJI's Board declared a stub period dividend of $0.1499 per share, reflecting the regular quarterly dividend rate prorated for a 44-day period. Shareholders as of January 31, 2023, will also receive $36.00 per share in cash as merger consideration.
On January 26, 2023, it was announced that Northern Oil and Gas (NYSE: NOG) will replace South Jersey Industries (NYSE: SJI) in the S&P SmallCap 600 index, effective before the market opens on February 2, 2023. This change comes as Infrastructure Investments Fund is acquiring South Jersey Industries, with the deal expected to finalize shortly, pending conditions. The addition of NOG to the index highlights its growing prominence in the energy sector.
On January 25, 2023, South Jersey Industries (SJI) announced that the New Jersey Board of Public Utilities approved the Infrastructure Investments Fund's acquisition of the company. This transaction, set to close on February 1, 2023, includes commitments of $75 million in customer benefits for Elizabethtown Gas and South Jersey Gas customers, $5 million for community support, and $2.5 million for New Jersey's low-income customers. Post-acquisition, SJI's shares will cease trading on the NYSE, and a 'stub period' dividend of $0.1499 per share is expected to be declared before closing. The deal represents significant investment in local communities.
SJI (NYSE:SJI) has announced that NJBIZ has named Donna Schempp, President and COO of SJI Renewable Energy Ventures, as its 2022 Executive of the Year. This recognition highlights her leadership in advancing SJI's clean energy initiatives, particularly their sustainability plan aiming for carbon-neutral operations by 2040. Under her guidance, SJI REV oversees the development of renewable natural gas facilities on up to 40 dairy farms, expected to produce enough RNG to offset nearly 25 million gallons of gasoline annually, equivalent to the consumption of about 50,000 vehicles.
SJI has announced a quarterly dividend of $0.3100 per share for Q4 2022, marking its 71st consecutive year of dividend payments. This dividend is payable on December 27, 2022, to shareholders on record as of December 19, 2022. The company, based in Folsom, NJ, operates through two main subsidiaries: SJI Utilities and SJI Energy Enterprises, providing energy services to over 700,000 customers in New Jersey, focusing on both utility and clean energy operations.
SJI reported its Q3 2022 results, showing GAAP earnings of $(0.31) per diluted share, down from $(0.23) in 2021. Economic earnings were $(0.18) per share, slightly up from $(0.17) in 2021. YTD 2022 GAAP earnings rose to $0.59 per share from $0.06 in 2021, driven by increased profitability across operations. The acquisition by IIF is proceeding on track, pending regulatory approvals. Key highlights include customer growth, infrastructure investment programs totaling $200 million, and ongoing regulatory initiatives.
SJI (NYSE:SJI) announced that Marissa Travaline, Vice President of Customer Experience, has been honored as one of the 2022 “Best 50 Women in Business” by NJBIZ. This recognition highlights her significant impact on the business landscape in New Jersey, where she leads customer experience operations across SJI's subsidiaries, serving over 700,000 customers. Travaline's career at SJI has spanned various roles since 2005, showcasing her leadership in enhancing customer relations and community involvement.
SJI reported its Q2 2022 earnings, with GAAP losses of $(18.7) million, improving from $(96.7) million year-over-year. Economic earnings increased to $6.3 million from $2.0 million. YTD GAAP earnings rose to $110.7 million from $32.1 million in 2021, driven by utility growth and successful financing. The acquisition by Infrastructure Investment Fund remains on track for Q4 2022. Regulatory initiatives, including a $200 million Infrastructure Investment Program, are advancing. The Board declared a $0.3100 quarterly dividend for shareholders, marking 71 consecutive years of dividends.