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DEBT
 6 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
DEBT
DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program, committed unsecured credit facilities and private placement debt shelf facilities.

Credit Facilities

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
(Thousands)
March 31,
2017
 
September 30,
2016
 
Expiration Dates
NJR
 
 
 
 
 
Bank revolving credit facilities (1)
$
425,000

 
$
425,000

 
September 2020
Notes outstanding at end of period
$
237,900

 
$
121,700

 
 
Weighted average interest rate at end of period
1.75
%
 
1.43
%
 
 
Amount available at end of period (2)
$
173,686

 
$
288,910

 
 
NJNG
 
 
 
 
 
Bank revolving credit facilities (3)
$
250,000

 
$
250,000

 
May 2019
Commercial paper outstanding at end of period
$
—

 
$
—

 
 
Weighted average interest rate at end of period
—
%
 
—
%
 
 
Amount available at end of period (4)
$
249,269

 
$
249,269

 
 
(1)
Committed credit facilities, which require commitment fees on the unused amounts.
(2)
Letters of credit outstanding total $13.4 million and $14.4 million for March 31, 2017 and September 30, 2016, respectively, which reduces amount available by the same amount.
(3)
Uncommitted credit facilities, which require no commitment fees.
(4)
Letters of credit outstanding total $731,000 for both March 31, 2017 and September 30, 2016, which reduces the amount available by the same amount.
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.
Long-term Debt

NJNG

On January 17, 2017, the Company completed the purchase of three FMBs in lieu of redemption with an aggregate principal amount totaling $35.8 million. The FMBs bore interest at rates ranging from 4.5 percent to 4.9 percent. The bonds purchased in lieu of redemption are being held by the Company to provide an opportunity to evaluate remarketing alternatives.

NJNG received $9.6 million and $7.1 million in December 2016 and 2015, 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. NJNG exercised early purchase options with respect to meter leases by making final principal payments of $1 million during the six months ended March 31, 2017. NJNG did not exercise early purchase options during the six months ended March 31, 2016.