Published on 7/11/2016 in the Prospect News Municipals Daily.
New Issue: New Jersey Educational sells $202.45 million Stockton University bonds
By Sheri Kasprzak
New York, July 11 – The New Jersey Educational Facilities Authority priced $202,445,000 of series 2016A revenue and refunding bonds for Stockton University, according to a pricing sheet.
The bonds (Baa1/A/A) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2018 to 2037 with a term bond due in 2041. The serial coupons range from 3% to 5% and yields range from 1.34% to 3.08%. The 2041 bonds have a 5% coupon priced at 117.873 to yield 2.92%.
Proceeds will be used to renovate facilities at the university and refund the authority’s series 2006F, 2007G and 2008A revenue bonds.
| Issuer: | New Jersey Educational Facilities Authority/Stockton University
|
| Issue: | Series 2016A revenue and refunding bonds
|
| Amount: | $202,445,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., M&T Securities Inc., PNC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Fitch: A
|
| Pricing date: | June 29
|
| Settlement date: | July 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,635,000 | 2018 | Serial | 4% | 105.145 | 1.34%
|
| $1.69 million | 2019 | Serial | 5% | 110.21 | 1.47%
|
| $1.79 million | 2020 | Serial | 5% | 113.801 | 1.41%
|
| $4.39 million | 2021 | Serial | 5% | 115.292 | 1.77%
|
| $6.3 million | 2022 | Serial | 5% | 117.161 | 1.94%
|
| $6.78 million | 2023 | Serial | 5% | 118.917 | 2.07%
|
| $8,065,000 | 2024 | Serial | 5% | 120.277 | 2.21%
|
| $8.47 million | 2025 | Serial | 5% | 121.402 | 2.34%
|
| $8,885,000 | 2026 | Serial | 5% | 122.427 | 2.45%
|
| $9,325,000 | 2027 | Serial | 5% | 121.539 | 2.54%
|
| $9,795,000 | 2028 | Serial | 5% | 121.147 | 2.58%
|
| $10,275,000 | 2029 | Serial | 5% | 120.561 | 2.64%
|
| $10.77 million | 2030 | Serial | 5% | 119.979 | 2.70%
|
| $11.35 million | 2031 | Serial | 5% | 119.497 | 2.75%
|
| $11.89 million | 2032 | Serial | 5% | 119.016 | 2.80%
|
| $12,475,000 | 2033 | Serial | 5% | 118.538 | 2.85%
|
| $6 million | 2034 | Serial | 3% | 99.311 | 3.05%
|
| $7,075,000 | 2034 | Serial | 5% | 120.27 | 2.67%
|
| $13.58 million | 2035 | Serial | 5% | 120.076 | 2.69%
|
| $12.09 million | 2036 | Serial | 4% | 108.918 | 2.96%
|
| $11,465,000 | 2037 | Serial | 3% | 98.77 | 3.08%
|
| $26.35 million | 2041 | Term | 5% | 117.873 | 2.92%
|
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