By Sheri Kasprzak
New York, Aug. 19 - The State of New Jersey priced $2.25 billion in series 2011A tax and revenue anticipation notes, said a term sheet.
The notes (MIG 1/SP-1+/F1+) were sold competitively. J.P. Morgan Securities Inc. won the largest chunk of the sale - $2.05 billion. Citigroup Global Markets Inc. won a $100 million portion, and Goldman, Sachs & Co. took another $100 million part.
The 2% notes, which are due June 23, 2011, are priced at par.
Proceeds will be used to finance capital needs ahead of the collection of certain taxes and revenues.
| Issuer: | State of New Jersey
|
| Issue: | Series 2011A tax and revenue anticipation notes
|
| Amount: | $2.25 billion
|
| Maturity: | June 23, 2011
|
| Coupon: | 2%
|
| Price: | Par
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities Inc. (winner for $2.05 billion); Citigroup Global Markets Inc. (winner for $100 million); Goldman, Sachs & Co. (winner for $100 million)
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 1
|
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