Published on 3/24/2016 in the Prospect News Municipals Daily.
New Issue: New Jersey prices $131.42 million of G.O. bonds via Citi
By Sheri Kasprzak
New York, March 24 – The State of New Jersey priced $131,415,000 of series T general obligation bonds, according to a pricing sheet. The deal was downsized from $141,655,000.
The bonds (A2/A) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2017 to 2023 with 5% coupons and yields from 1% to 2.36%.
Proceeds will be used to refund the state’s series 2004, 2007 and 2009 G.O. bonds.
| Issuer: | State of New Jersey
|
| Issue: | Series T general obligation bonds
|
| Amount: | $131,415,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | March 23
|
| Settlement date: | March 31
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.77 million | 2017 | Serial | 5% | 104.626 | 1.00%
|
| $11.69 million | 2018 | Serial | 5% | 107.877 | 1.30%
|
| $12,275,000 | 2019 | Serial | 5% | 110.618 | 1.55%
|
| $12,885,000 | 2020 | Serial | 5% | 112.787 | 1.80%
|
| $24,075,000 | 2021 | Serial | 5% | 114.6 | 2.01%
|
| $38.96 million | 2022 | Serial | 5% | 116.061 | 2.20%
|
| $25.76 million | 2023 | Serial | 5% | 117.309 | 2.36%
|
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