By Sheri Kasprzak
New York, May 12 - The New Jersey Economic Development Authority sold $750 million in series 2010 school facilities construction Build America Bonds on Wednesday, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through Bank of America Merrill Lynch with Janney Montgomery Scott LLC as the co-manager.
The bonds are due June 15, 2013, and priced at three-month Libor plus 100 basis points.
Proceeds from the sale will be used to construct schools, with a portion to be hedged with an existing interest rate swap with Royal Bank of Canada.
The Trenton-based authority provides financing to qualified corporations and entities.
| Issuer: | New Jersey Economic Development
|
| Issue: | Series 2010 school facilities construction Build America Bonds
|
| Amount: | $750 million
|
| Maturity: | June 15, 2013
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Janney Montgomery Scott LLC (co-manager)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | May 12
|
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