By Sheri Kasprzak
New York, Jan. 13 - The New Jersey Economic Development Authority sold $900.7 million of series 2011 school facility construction bonds on Thursday, downsized from its planned $1.645 million sale, said a pricing sheet.
The sale included $777.5 million of series 2011 tax-exempt bonds and $123.2 million of series 2011 taxable bonds.
The 2011 tax-exempt bonds are due 2014 to 2025 with coupons from 3% to 5.25%. The 2011 taxable bonds are due 2012 to 2015 with 2.143% to 3.719% coupons, all priced at par.
Bank of America Merrill Lynch was the senior manager for the bonds (Aa3/AA-/AA-).
Proceeds will be used to refund variable-rate demand bonds to either fixed-rate bonds or floating-rate notes, as well as terminate swap agreements.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Series 2011 school construction revenue bonds
|
| Amount: | $900.7 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 20
|
|
|
| $777.5 million series 2011 tax-exempt bonds
|
| Maturity | Type | Coupon
|
| 2014 | Serial | 3%
|
| 2015 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 3.75%
|
| 2016 | Serial | 4%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3.5%
|
| 2017 | Serial | 4%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 4%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 4.25%
|
| 2019 | Serial | 4.5%
|
| 2019 | Serial | 5.25%
|
| 2020 | Serial | 4.5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 4.5%
|
| 2021 | Serial | 4.75%
|
| 2021 | Serial | 5%
|
| 2021 | Serial | 5.5%
|
| 2022 | Serial | 5%
|
| 2022 | Serial | 5.25%
|
| 2023 | Serial | 5%
|
| 2023 | Serial | 5.25%
|
| 2024 | Serial | 5.25%
|
| 2025 | Serial | 5.25%
|
|
|
| Series 2011 taxable bonds
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2.143% | 100
|
| 2013 | Serial | 2.657% | 100
|
| 2014 | Serial | 3.169% | 100
|
| 2015 | Serial | 3.719% | 100
|
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