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

Folsom, N.J., March 18, 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. PRICES COMMON STOCK AND EQUITY UNITS OFFERINGS

Folsom, N.J., March 18, 2021 - South Jersey Industries, Inc. (NYSE:  SJI) (the “Company”) today announced that on March 17, 2021 it priced a registered public offering of 10,250,000 shares of its common stock at $22.25 per share (the “Common Stock”), for total gross proceeds of approximately $228 million. Of the 10,250,000 shares in the offering, 362,359 will be sold directly by the Company to the underwriters at closing, and 9,887,641 will be subject to the forward sale agreement described below. In addition, the Company announced that on March 17, 2021 it priced a registered public offering of 6.0 million equity units (the “Equity Units”) (aggregate stated amount of $300 million Equity Units), for total gross proceeds of approximately $300 million.  The offerings (which are not conditioned on one another) are expected to close on or about March 22, 2021, subject to customary closing conditions.

The Company has granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of its Common Stock, and an option to purchase, within a 13-day period beginning on, and including, the date on which the Equity Units are first issued, up to an additional 900,000 additional Equity Units, upon the same terms as their respective offerings. 

In connection with the offering of shares of Common Stock, the Company entered into a forward sale agreement with an affiliate of BofA Securities (such affiliate, the “Forward Purchaser”), under which the Company has agreed 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, 9,887,641 shares of Common Stock at the close of the Common Stock offering in connection with the forward sale agreement.