By Sheri Kasprzak
New York, April 22 - The New Jersey Economic Development Authority priced on Thursday $723 million of series 2010 school facilities construction bonds, said a pricing sheet.
The sale included $49 million of series 2010CC-2 bonds and $674 million of series 2010DD-1 refunding bonds.
The 2010CC-2 bonds are due 2031 to 2032 with split maturities for both. The 2031 bonds have 4.5% and 5% coupons, and the 2032 bonds have a 4.375% coupon and a 5% coupon.
The 2010DD-1 bonds are due 2015 to 2019. The coupons range from 3% to 5%.
Bank of America Merrill Lynch was the senior manager for the bonds (Aa3/AA-/AA-).
Proceeds will be used to construct school facilities throughout the state as well as to refund existing school construction bonds.
The authority, based in Trenton, loans money to qualified corporations and organizations.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Series 2010 school facilities construction bonds
|
| Amount: | $723 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa3 | Standard & Poor's: AA-
|
| Fitch: AA-Pricing date: | April 22
|
| Settlement date: | May 17
|
|
|
| Series 2010CC-2
|
| Maturity | Type | Coupon
|
| 2031 | Serial | 4.5%
|
| 2031 | Serial | 5%
|
| 2032 | Serial | 4.375%
|
| 2032 | Serial | 5%
|
|
|
| Series 2010DD-1
|
| Maturity | Type | Coupon
|
| 2015 | Serial | 3%
|
| 2015 | Serial | 4%
|
| 2016 | Serial | 3%
|
| 2016 | Serial | 4%
|
| 2017 | Serial | 3.25%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 3.5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 3.75%
|
| 2019 | Serial | 5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
