New Jersey Resources Corporation (NJR), a regfional provider of retail and wholesale energy services, has entered into a 4-Month $75 million Revolving Line of Credit Facility with PNC Bank. The Revolver is scheduled to terminate on April 14, 2018. The Revolver may be prepaid at any time without premium or penalty other than normal LIBOR break funding costs. Proceeds of the Revolver will be used for working capital or other general business purposes of NJR.

Borrowings under the Revolver bear interest, at NJR’s option: (i) on the day of the proposed advance, at the Base Rate Option (as defined in the Revolver) and (ii) three business days prior to the proposed advance, at the LIBOR Option (as defined in the Revolver) or Daily LIBOR Option (as defined in the Revolver). Advances may be requested in amounts of at least $1,000,000 and in $500,000 increments above such minimum. The commitment fees rate for the unused portion of the Revolver may range from 0.075% to 0.200%, depending on NJR’s credit rating as determined in a manner consistent with that certain Amended and Restated Credit Agreement dated as of September 28, 2015 by and among NJR, PNC Bank, as administrative agent, the guarantors party thereto from time to time, and the lenders party thereto from time to time, as amended, supplemented or otherwise modified prior to the date hereof and as hereafter amended, restated, supplemented or otherwise modified.

The Revolver contains representations, warranties, covenants, conditions and defaults customary for transactions of this type and/or the Credit Agreement, including but not limited to cross default for breaches of the Credit Agreement. The occurrence of an event of default under the Revolver and the associated Committed Line of Credit Note could result in all loans and other obligations of NJR becoming immediately due and payable and the Revolver being terminated.