In August 2021, Northern Illinois Gas Company (“Nicor”) priced $375 million of social bonds with a delayed draw feature. As of 8/31/2022, Nicor has issued $300 million of these bonds; $200 million was issued in 2021 (the proceeds of which have been allocated) and $100 million was issued in 2022. Nicor expects to issue the remaining $75 million in October 2022 and allocate the $175 million of proceeds it will have received in 2022 by August 2023.

Nicor Social Bonds: Issuance Information1

$ amounts in Millions
Year Priced Issuance Date2 Coupon Amount Priced2 Maturity CUSIP Amount Issued2 Amount Allocated3

2021

Aug-2021

1.42%

2.19%

$50

$50

Aug-2026

Aug-2033

665228J@2

665228K@0

$50

$50

$50

$50

Oct-2021

1.77%

$100

Oct-2028

373334KR1

$100

$100

Aug-2022

2.21%

$100

Aug-2032

665228K*2

$100

 

Oct-2022

3.18%

$75

Oct-2062

665228L*1

 

 

Principal Amount $375 $300 $200

1 As of 8/31/2022; Nicor's social bonds were issued via a private placement

2 Nicor is expected to issue its 3.18% $75M Social Bond on 10/27/2022. The bond was priced in August 2021

4 Nicor expects to allocate the $175M in proceeds from its 2022 Social Bonds by August 2023



As shown below, Nicor Gas has allocated an amount equal to the $200 million in proceeds it received in 2021 to eligible social categories as defined in Southern Company’s Sustainable Financing Framework.

Nicor 2021 and 2022 Social Bond Impact Summary1

Net Proceeds Allocated ($M)
Year Priced Category Number of Suppliers Type / Designation 2021 Bonds 2022 Bonds Total
2021 Diverse / Small Business Suppliers 39 Minoirty-Owned $89 $89
61 Women-Owned $88 $88
10 Verteran-Owned $5 $5
14 Small Business Enterprise $18 $18
Total 124 $200 $200

1 Allocation data as of 8/31/2022; excludes suppliers to be allocated proceeds from Nicor's 2022 First Mortgage Social Bonds


For more information, click here for the Management Assertion and Independent Accountants' Attestation Report.