By Sheri Kasprzak
New York, Oct. 1 - The State of New Jersey released the full terms of its $697.01 million sale of general obligation bonds, which priced Thursday.
The deal included $521.7 million in series Q bonds, $92.71 million in series R federally taxable bonds and $82.6 million in series S bonds, according to a pricing sheet released Friday.
The bonds (Aa2//AA) were sold through senior manager Morgan Stanley & Co. Inc. The co-managers were Citigroup Global Markets Inc., Bank of America Merrill Lynch, Lebenthal & Co., Mesirow Financial Inc., Raymond James & Associates Inc., Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc. and Toussaint Capital Partners LLC.
The series Q bonds are due 2013 to 2021 with 2% to 5% coupons. Yields ranged from 1.02% to 3.04%.
The series R bonds are due 2014 and have a 2.02% coupon priced at par.
The series S bonds are due 2013 and 2016 with 5% coupons and 0.97% and 1.9% yields, respectively.
Proceeds will be used to refund some existing G.O. bonds.
| Issuer: | State of New Jersey
|
| Issue: | Series Q-S general obligation bonds
|
| Amount: | $697.01 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Citigroup Global Markets Inc., Bank of America Merrill Lynch, Lebenthal & Co., Mesirow Financial Inc., Raymond James & Associates Inc., Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc. and Toussaint Capital Partners LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 13
|
|
|
| Series Q
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 2% | 102.649
|
| 2013 | Serial | 4% | 108.228
|
| 2014 | Serial | 2% | 102.536
|
| 2014 | Serial | 5% | 113.729
|
| 2015 | Serial | 2.5% | 103.699
|
| 2015 | Serial | 5% | 115.264
|
| 2016 | Serial | 2% | 100.108
|
| 2016 | Serial | 4% | 111.084
|
| 2016 | Serial | 5% | 116.572
|
| 2017 | Serial | 2.5% | 101.384
|
| 2017 | Serial | 5% | 117.13
|
| 2018 | Serial | 2.5% | 99.645
|
| 2018 | Serial | 5% | 117.304
|
| 2019 | Serial | 3% | 101.868
|
| 2019 | Serial | 5% | 117.459
|
| 2020 | Serial | 3.25% | 102.629
|
| 2020 | Serial | 4% | 108.996
|
| 2020 | Serial | 5% | 117.485
|
| 2021 | Serial | 3.25% | 101.345
|
| 2021 | Serial | 5% | 116.094
|
|
|
| Series R
|
| Maturity | Type | Coupon | Price
|
| 2014 | Term | 2.02% | 100
|
|
|
| Series S
|
| Maturity | Type | Coupon | Price
|
| 2013 | Term | 5% | 108.854
|
| 2016 | Term | 5% | 115.239
|
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