Published on 3/4/2014 in the Prospect News Municipals Daily.
New Issue: Montclair State University, N.J., brings $190.14 million revenue bonds
By Sheri Kasprzak
New York, March 3 - The New Jersey Educational Facilities Authority priced $190.14 million of series 2014A revenue bonds for the Montclair State University, said a pricing sheet.
The bonds (A1//AA-) were sold through senior manager Barclays.
The bonds are due 2016 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5%. The 2039 bonds have a 5% coupon and priced at 107.287. The 2044 bonds have a 5% coupon and priced at 106.512.
Proceeds will be used to fund the construction and renovation of certain capital projects, improve existing technological infrastructure and refund existing debt.
| Issuer: | New Jersey Educational Facilities Authority/Montclair State University
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $190.14 million
|
| Type: | Negotiated
|
| Underwriter: | Barclays
|
| Ratings: | Moody's: A1
|
| Fitch: AA-
|
| Pricing date: | March 3
|
| Settlement date: | April 3
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.39 million | 2016 | Serial | 3% | 105.918
|
| $805,000 | 2017 | Serial | 3% | 107.732
|
| $3,285,000 | 2018 | Serial | 4% | 113.013
|
| $4,175,000 | 2019 | Serial | 4% | 113.752
|
| $230,000 | 2020 | Serial | 3% | 107.484
|
| $4,495,000 | 2020 | Serial | 5% | 119.273
|
| $200,000 | 2021 | Serial | 3% | 105.947
|
| $8,025,000 | 2021 | Serial | 5% | 119.317
|
| $105,000 | 2022 | Serial | 3% | 104.157
|
| $5.05 million | 2022 | Serial | 5% | 119.01
|
| $370,000 | 2023 | Serial | 3% | 102.602
|
| $7.98 million | 2023 | Serial | 5% | 118.881
|
| $475,000 | 2024 | Serial | 3% | 101.589
|
| $4,015,000 | 2024 | Serial | 5% | 119.275
|
| $4,795,000 | 2025 | Serial | 5% | 117.619
|
| $4.7 million | 2026 | Serial | 5% | 116.276
|
| $5.04 million | 2027 | Serial | 5% | 114.858
|
| $2.06 million | 2028 | Serial | 5% | 113.924
|
| $2.16 million | 2029 | Serial | 5% | 112.999
|
| $2.27 million | 2030 | Serial | 5% | 111.9
|
| $985,000 | 2031 | Serial | 3.75% | 98.619
|
| $2.52 million | 2032 | Serial | 5% | 110.188
|
| $3,345,000 | 2033 | Serial | 5% | 109.565
|
| $4,515,000 | 2034 | Serial | 5% | 109.122
|
| $50.59 million | 2039 | Term | 5% | 107.287
|
| $64.56 million | 2044 | Term | 5% | 106.512
|
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