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DEBT
 9 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT
9. 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 and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
At end of period
(Thousands)As of dateTotal
borrowing capacity		Loans outstandingWeighted average interest rateRemaining borrowing capacityExpiration dates
NJR bank revolving credit facilities (1)
June 30, 2024$650,000 $254,800 6.54 %$385,869 (2)September 2027
September 30, 2023$650,000 $217,300 6.53 %$426,967 (2)September 2027
NJNG bank revolving credit facilities (3)
June 30, 2024$250,000 $— — %$249,269 (4)September 2027
September 30, 2023$250,000 $34,800 5.48 %$214,469 (4)September 2027
(1)Committed credit facilities, which require commitment fees of 0.10% on the unused amounts.
(2)Letters of credit outstanding total $9.3M at June 30, 2024 and $5.7M at September 30, 2023, which reduces the amount available by the same amount.
(3)Committed credit facilities, which require commitment fees of 0.075% on the unused amounts.
(4)Letters of credit outstanding total $0.7M at both June 30, 2024 and September 30, 2023, 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 Facility or term loan.
Long-term Debt

NJNG

In September 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023.

On June 26, 2024, NJNG entered into a Note Purchase Agreement for $200M aggregate principal amount of its senior notes consisting of $125M of 5.82% senior notes due June 26, 2054, which closed on June 26, 2024, and $75M of 5.49% senior notes due September 30, 2034, which is expected to close on September 30, 2024.
NJNG received $8.8M and $8.4M during the nine months ended June 30, 2024 and 2023, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes and has the option to purchase the meters back at fair value upon expiration of the lease.

Clean Energy Ventures

CEV received proceeds of $24.4M and $163.6M during the nine months ended June 30, 2024 and 2023, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.