By Sheri Kasprzak
New York, Sept. 3 - New Jersey priced its $1.8 billion in series 2009A tax and revenue anticipation notes Wednesday, a source at the issuer told Prospect News.
The notes were sold on a competitive basis with Citigroup Global Markets coming away with $50 million of the notes and Merrill Lynch taking the remaining $1.75 billion.
The notes are due June 25, 2009 and have a 3% coupon to yield 1.61%.
The insider told Prospect News there were 26 bids on the offering from nine different banks.
Proceeds will be used for general expenses for the state until taxes or other revenues are collected.
| Issuer: | New Jersey
|
| Issue: | Series 2009A tax and revenue anticipation notes
|
| Amount: | $1.8 billion
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| Type: | Competitive
|
| Maturity: | June 25, 2009
|
| Coupon: | 3%
|
| Yield: | 1.61%
|
| Underwriters: | Citigroup Global Markets (for $50 million); Merrill Lynch (for $1.75 billion)
|
| Pricing date: | Sept. 3
|
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