South Jersey Industries prices stock offering at slight discount

The gas and energy company South Jersey Industries, which last week said it would look to raise about $200 million, on Monday told regulators it would sell its new shares at $26.25 each, a slight discount to where the shares were trading last week. The company expects to raise about $204 million after expenses and if the banks selling the stock exercise their so-called ‘greenshoe’ option to buy shares, according to a filing with the Securities and Exchange Commission. The proceeds from the stock sale will be used to invest in infrastructure for the company’s South Jersey Gas utility business, as well as paying down some of its debt, according to the filing.

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