Higher Education Student Assistance, N.J., to sell $195 million bonds

By Sheri Kasprzak

New York, April 29 - The Higher Education Student Assistance Authority of New Jersey plans to price $195 million of series 2014-1 student loan revenue bonds, according to a preliminary official statement.

The offering includes $182 million of series 2014-1A senior bonds and $13 million of series 2014-1B subordinate bonds.

The bonds (Aa2/AA(sf)/) will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager and Ramirez & Co. Inc. as the co-manager.

The 2014-1A bonds are due 2015 to 2029 and 2032 and 2036 with a term bond due in 2030. The 2014-1B bonds are due Dec. 1, 2044.

Proceeds will be used to finance student loans to qualified New Jersey students.

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