New Jersey Economic Development Authority to price $450 million construction bonds May 28, June 3

By Sheri Kasprzak

New York, May 19 - The New Jersey Economic Development Authority plans to price $450 million in series 2008X and 2008Y school facilities construction bonds, said a source at the issuer.

The sale includes $250 million in series 2008X bonds and $200 million in series 2008Y bonds (A1//A+). The series 2008X bonds will be sold May 28 and the 2008Y bonds on June 3.

The 2008Y bonds are due from 2010 to 2033. The maturity date for the 2008X bonds could not be determined by press time, but those bonds are variable-rate securities.

The bonds will be sold on a negotiated basis with Merrill Lynch as the senior manager.

Proceeds from the 2008X bonds will be used for school facilities construction projects, and the 2008Y bonds will be used for refunding existing construction bonds.

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