By Sheri Kasprzak
New York, May 28 - The New Jersey Economic Development Authority sold $183.67 million in series 2009AA school facilities construction refunding bonds on Thursday, said Thomas Bell, spokesman for the state treasurer's office.
The bonds (//A+) were sold through lead manager Morgan Stanley & Co. Inc.
The bonds are due 2018 and 2020 to 2027 with term bonds due 2029 and 2033. The coupons ranged from 4% to 5.25%, all priced at par.
The true interest cost came at 5.09%.
Proceeds will be used to reduce debt service costs for fiscal year 2009 by $57 million and in FY 2010 by $119 million. The bonds will refund certain maturities of school construction facilities bonds from series A, C, F, G, I, J, L, O, P, Q, R, T1, U, W and Y, said Bell.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Series 2009AA school facilities construction refunding bonds
|
| Amount: | $183.67 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. Inc. (lead)
|
| Maturities: | 2018, 2020 to 2027, term bonds due 2029 and 2033
|
| Coupons: | 4% to 5.25%
|
| Price: | Par
|
| Rating: | Fitch: A+
|
| Pricing date: | May 28
|
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