SOUTH JERSEY INDUSTRIES, INC. ANNOUNCES PROPOSED COMMON STOCK AND EQUITY UNITS OFFERINGS

Folsom, N.J, March 16, 2021 (GLOBE NEWSWIRE) --                                                                                             Investor Contact: Dan Fidell
[phone] ext. 7027
[e-mail]

Media Contact: Dominick DiRocco
[phone] ext. 4262
[e-mail]

FOR IMMEDIATE RELEASE

SOUTH JERSEY INDUSTRIES, INC. ANNOUNCES PROPOSED COMMON STOCK AND EQUITY UNITS OFFERINGS

Folsom, N.J., March 16, 2021 – South Jersey Industries, Inc. (NYSE: SJI) (the “Company”) today announced that it plans to conduct concurrent registered public offerings, subject to market conditions and other factors, of up to $225 million of shares of its common stock (the “Common Stock”), a portion of which may be subject to the forward sale agreement described below, and 6,000,000 Equity Units (the “Equity Units”) (aggregate stated amount of $300 million of Equity Units). 

In connection with the offering of shares of Common Stock, the Company expects to enter into a forward sale agreement with an affiliate of BofA Securities (such affiliate, the “Forward Purchaser”), under which the Company will agree to sell to the Forward Purchaser the same number of shares of Common Stock as are sold by an affiliate of the Forward Purchaser to the underwriters for sale in the underwritten public offering (subject to certain adjustments and to the Company’s right, in certain circumstances, to elect cash settlement or net share settlement of the forward sale agreement). Subject to certain conditions, an affiliate of the Forward Purchaser is expected to borrow, and sell to the underwriters, the number of shares of Common Stock subject to the forward sale agreement at the close of the Common Stock offering in connection with the forward sale agreement.