New Jersey Economic Development to price $750 million BABs Wednesday

By Sheri Kasprzak

New York, May 10 - The New Jersey Economic Development Authority plans to bring to market during $750 million in series 2010 school facilities construction Build America Bonds, said a sellside source familiar with the deal. The sale is scheduled for Wednesday.

The bonds (Aa3/AA-/) will be sold on a negotiated basis with Bank of America Merrill Lynch as the lead manager and Janney Montgomery Scott LLC as the co-manager.

Proceeds from the offering will be used to construct school facilities throughout the state. A portion of the proceeds will be hedged with an existing interest rate swap with Royal Bank of Canada.

The authority, located in Trenton, lends money to qualified corporations and entities.

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