SOUTH JERSEY INDUSTRIES, INC PRICES COMMON STOCK AND EQUITY UNITS OFFERINGS einnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from einnews.com Daily Mail and Mail on Sunday newspapers.
Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
What happened
Shares of natural gas utility
South Jersey Industries (NYSE:SJI) fell sharply in morning trading on March 17, losing a little more than 16%. The most obvious reason for the negative mood here was a news release posted after the market closed on March 16.
So what
South Jersey Industries plans to sell $225 million worth of shares of its common stock and 6 million equity units, which, according to the company, is an aggregate stated amount of $300 million of Equity Units. The underwriters have the option to buy an additional $33.75 million worth of shares and 900,000 additional equity units. The equity units have a stated amount of $50 and will initially consist of a contract to purchase shares of Common Stock and a 1/20, or 5%, undivided beneficial ownership interest in $1,000 principal amount of the Company s 2021 Se
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