By Sheri Kasprzak
New York, May 7 - The Higher Education Student Assistance Authority of New Jersey priced $195 million of series 2014-1 student loan revenue bonds, according to a pricing sheet.
The deal included $182 million of series 2014-1A senior bonds and $13 million of series 2014-1B subordinate bonds.
The 2014-1A bonds are due 2015 to 2030 with term bonds due in 2032 and 2036. The serial coupons range from 3% to 5%. The 2032 bonds have a 4.25% coupon priced at 98.24 and the 2036 bonds have a 4.5% coupon priced at 98.331.
The 2014-1B bonds are due Dec. 1, 2044 and have a 5% coupon priced at par.
The bonds (Aa2/AA(sf)/) were sold through lead manager BofA Merrill Lynch.
Proceeds will be used to finance student loans to qualified New Jersey students.
| Issuer: | Higher Education Student Assistance Authority, N.J.
|
| Issue: | Series 2014-1 student loan revenue bonds
|
| Amount: | $195 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Ramirez & Co. Inc. (co-manager)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA(sf)
|
| Pricing date: | May 7
|
| Settlement date: | June 19
|
|
|
| $182 million series 2014-1A senior bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4 million | 2015 | Serial | 4% | 105.02
|
| $6 million | 2016 | Serial | 5% | 109.886
|
| $9 million | 2017 | Serial | 4% | 108.973
|
| $9.5 million | 2018 | Serial | 5% | 113.441
|
| $10.5 million | 2019 | Serial | 3% | 103.513
|
| $11 million | 2020 | Serial | 5% | 113.34
|
| $10 million | 2021 | Serial | 5% | 113.19
|
| $9.5 million | 2022 | Serial | 5% | 112.917
|
| $14.5 million | 2024 | Serial | 3.5% | 98.363
|
| $14 million | 2025 | Serial | 3.75% | 99.445
|
| $13.5 million | 2026 | Serial | 3.75% | 98.239
|
| $13 million | 2027 | Serial | 4% | 99.689
|
| $12 million | 2028 | Serial | 4% | 98.808
|
| $11 million | 2029 | Serial | 4% | 98.749
|
| $20 million | 2030 | Serial | 3.625% | 100
|
| $7 million | 2032 | Term | 4.25% | 98.24
|
| $7.5 million | 2036 | Term | 4.5% | 98.331
|
|
|
| $13 million series 2014-1B subordinate bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2044 | Term | 5% | 100
|
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