South Jersey Industries, Inc. 5.625% Junior Subordinated Notes due 2079 (SJIJ)

SJIJ identified $200 million of 5.625% junior subordinated notes due September 16, 2079, issued by South Jersey Industries, Inc. in September 2019. The notes were sold in $25 denominations and listed on the New York Stock Exchange, a format often called baby bonds. They paid interest quarterly, ranked below the company's senior debt, and allowed the issuer to defer interest for up to ten years without causing a default. They became callable at par on or after September 16, 2024.

South Jersey Industries was the holding company for South Jersey Gas and Elizabethtown Gas, regulated natural gas utilities in southern and central New Jersey, along with energy services businesses. Its common stock traded on the NYSE as SJI. On February 1, 2023 the company was acquired by the Infrastructure Investments Fund, a private vehicle advised by J.P. Morgan, for $36.00 per share in cash, and its common stock stopped trading on the NYSE after January 31, 2023.

Following the take-private, the company filed to delist the SJIJ notes and its corporate units from the NYSE, and trading was suspended before the open on February 6, 2023. The notes themselves stayed outstanding as company debt. In October 2024 South Jersey Industries ran a cash tender offer for the series at $20.00 per $25.00 note, and about $95.5 million of the $200 million principal was tendered and bought back in early November 2024, leaving the rest outstanding.