Published on 5/11/2016 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: New Jersey Environmental Infrastructure prices $143.7 million of bonds
By Sheri Kasprzak
New York, May 11 – The New Jersey Environmental Infrastructure Trust sold $143,695,000 of series 2016 environmental infrastructure refunding bonds and green bonds, said a pricing sheet.
The deal included $23,925,000 of series 2016A-1 green bonds, $56.16 million of series 2016AR-1 bonds and $63.61 million of series 2016AR-2 bonds
The 2016A-1 bonds are due 2017 to 2035 with a term bond due in 2045. The serial coupons range from 2% to 5% with yields from 0.64% to 2.60%. The 2045 bonds have a 4% coupon priced at 111.108 to yield 2.75%.
The 2016AR-1 bonds are due 2019 to 2028 with 4.5% to 5% coupons and 0.81% to 2.00% yields.
The 2016AR-2 bonds are due 2020 to 2030 with coupons from 4.5% to 5% and yields from 0.90% to 2.13%.
The bonds (Aaa/AAA/AAA) were sold competitively.
Proceeds will be used to refund the trust’s series 2008A and 2010B bonds.
| Issuer: | New Jersey Environmental Infrastructure Trust
|
| Issue: | Series 2016 environmental infrastructure refunding bonds
|
| Amount: | $143,695,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Pricing date: | May 10
|
| Settlement date: | May 26
|
|
|
| $23,925,000 series 2016A-1 green bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $795,000 | 2017 | Serial | 5% | 105.748 | 0.64%
|
| $850,000 | 2018 | Serial | 5% | 109.568 | 0.73%
|
| $890,000 | 2019 | Serial | 5% | 113.399 | 0.83%
|
| $925,000 | 2020 | Serial | 5% | 116.882 | 0.95%
|
| $980,000 | 2021 | Serial | 5% | 120.118 | 1.06%
|
| $1.03 million | 2022 | Serial | 5% | 123.065 | 1.17%
|
| $1.08 million | 2023 | Serial | 5% | 125.486 | 1.31%
|
| $1,135,000 | 2024 | Serial | 4% | 119.962 | 1.43%
|
| $1.17 million | 2025 | Serial | 4% | 120.968 | 1.56%
|
| $1,215,000 | 2026 | Serial | 4% | 121.576 | 1.70%
|
| $1,285,000 | 2027 | Serial | 4% | 120.323 | 1.82%
|
| $1.33 million | 2028 | Serial | 2% | 98.922 | 2.10%
|
| $1.36 million | 2029 | Serial | 2% | 97.595 | 2.21%
|
| $1.38 million | 2030 | Serial | 2% | 96.368 | 2.30%
|
| $1.39 million | 2031 | Serial | 2.125% | 97.001 | 2.36%
|
| $1,385,000 | 2032 | Serial | 3% | 105.241 | 2.42%
|
| $1.42 million | 2033 | Serial | 3% | 104.684 | 2.48%
|
| $1.47 million | 2034 | Serial | 3% | 104.13 | 2.54%
|
| $1,505,000 | 2035 | Serial | 3% | 103.58 | 2.60%
|
| $1.33 million | 2045 | Term | 4% | 111.108 | 2.75%
|
|
|
| $56.16 million series 2016AR-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.29 million | 2019 | Serial | 5% | 113.468 | 0.81%
|
| $6,555,000 | 2020 | Serial | 5% | 117.111 | 0.90%
|
| $5,955,000 | 2021 | Serial | 5% | 120.402 | 1.01%
|
| $6.08 million | 2022 | Serial | 5% | 123.337 | 1.13%
|
| $6.28 million | 2023 | Serial | 5% | 125.881 | 1.26%
|
| $5,375,000 | 2024 | Serial | 5% | 128.178 | 1.38%
|
| $5,305,000 | 2025 | Serial | 5% | 130.164 | 1.50%
|
| $5.19 million | 2026 | Serial | 4.5% | 126,805 | 1.65%
|
| $4,755,000 | 2027 | Serial | 4.5% | 126.018 | 1.92%
|
| $4,375,000 | 2028 | Serial | 4.5% | 127.067 | 2.00%
|
|
|
| $63.61 million series 2016AR-2 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,115,000 | 2020 | Serial | 5% | 117.111 | 0.90%
|
| $5,355,000 | 2021 | Serial | 5% | 120.402 | 1.01%
|
| $5.62 million | 2022 | Serial | 5% | 123.337 | 1.13%
|
| $5.9 million | 2023 | Serial | 5% | 125.881 | 1.26%
|
| $6,135,000 | 2024 | Serial | 5% | 128.178 | 1.38%
|
| $6,385,000 | 2025 | Serial | 5% | 130.164 | 1.50%
|
| $6,385,000 | 2026 | Serial | 5% | 131.508 | 1.65%
|
| $6,315,000 | 2027 | Serial | 4.5% | 126.018 | 1.92%
|
| $6.18 million | 2028 | Serial | 4.5% | 126.942 | 2.01%
|
| $5,465,000 | 2029 | Serial | 4.5% | 127.922 | 2.08%
|
| $4,755,000 | 2030 | Serial | 4.5% | 129.017 | 2.13%
|
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