New Jersey Resources Corporation entered into a note purchase agreement for $50,000,000 of 5.56% Senior Notes, Series 2023A, due September 28, 2033, and $50,000,000 of 5.85% Senior Notes, Series 2023B, due October 30, 2053 for aggregate gross proceeds of $100,000,000 on September 28, 2023. Interest will accrue on the Series A Notes at 5.56% per annum and will be payable on March 28 and September 28 of each year, beginning on March 28, 2024, and ending on the maturity date of September 28, 2033 and the interest will accrue on the Series B Notes at 5.85% per annum and will be payable on April 30 and October 30 of each year, beginning on April 30, 2024, and ending on the maturity date of October 30, 2053. The transaction will include participation from new lenders, Nationwide Life Insurance Company, Legal and General Assurance Society Limited, American General Life Insurance Company, State Farm Insurance Companies, Employee Retirement Trust, State Farm Mutual Automobile Insurance Company, State Farm Life and Accident Assurance Company, State Farm Life Insurance Company, American Memorial Life Insurance Company, State Farm Life And Casualty Company and returning lenders, United Farm Family Life Insurance Company and American United Life Insurance Company. The Notes will also be subject to required prepayments upon the occurrence of certain events. The Notes will not be registered under the Securities Act of 1933, as amended, or under the securities laws of any jurisdiction. The notes will be subject to certain restrictions on transfer and may only be sold in transactions exempt from, or not subject to, the registration requirements of the Securities Act. The sale of the Series A Notes closed on September 28, 2023, and the sale of the Series B Notes is expected to close on October 30, 2023. The New Jersey Board of Public Utilities shall have entered an appropriate order authorizing the issuance and sale of the notes to be issued at such closing to the Purchasers.

On the same date, the company received $50,000,000 in its first tranche closing of 5.56% Senior Notes, Series 2023A, due September 28, 2033. The tranche included participation from State Farm Mutual Automobile Insurance Company for $13,000,000, State Farm Insurance Companies, Employee Retirement Trust for $9,500,000, State Farm Life Insurance Company for $7,500,000, State Farm Fire and Casualty Company for $6,500,000, State Farm Life and Accident Assurance Company for $500,000, Nationwide Life Insurance Company for $12,000,000 and United Farm Family Life Insurance Company for $1,000,000. The second closing will include American General Life Insurance Company for $28,000,000, Legal and General Assurance Society Limited for $14,000,000, American Memorial Life Insurance Company for $5,000,000, American United Life Insurance Company for $3,000,000.