New Issue: New Jersey Economic Development sells $1.04 billion cigarette tax refunding bonds

By Sheri Kasprzak

New York, April 3 - The New Jersey Economic Development Authority priced $1,041,745,000 of series 2012 cigarette tax revenue refunding bonds, according to a term sheet.

The bonds (/BBB+/BBB+) were sold through Bank of America Merrill Lynch.

The bonds are due 2012 to 2029 with 2% to 5% coupons.

Proceeds will be used to refund an outstanding series 2004 bond issue.

Issuer:	New Jersey Economic Development Authority
Issue:	Series 2012 cigarette tax revenue refunding bonds
Amount:	$1,041,745,000
Type:	Negotiated
Underwriter:	Bank of America Merrill Lynch (lead)
Ratings:	Standard & Poor's: BBB+
	Fitch: BBB+
Pricing date:	April 3
Settlement date:	April 18
Amount	Maturity	Type	Coupon	Price
$63,365,000	2012	Serial	2%	100
$40,175,000	2013	Serial	5%	104.712
$45.71 million	2014	Serial	5%	107.937
$67,355,000	2015	Serial	5%	110.136
$67.23 million	2016	Serial	5%	111.107
$67.19 million	2017	Serial	5%	111.871
$64 million	2018	Serial	5%	111.761
$13.55 million	2019	Serial	4%	105.209
$50,525,000	2019	Serial	5%	111.565
$64.1 million	2020	Serial	5%	111.236
$61,605,000	2021	Serial	5%	110.67
$36,935,000	2022	Serial	5%	109.941
$25 million	2022	Serial	5%	112.18
$62.45 million	2023	Serial	5%	108.536
$58.46 million	2024	Serial	5%	107.41
$59,045,000	2025	Serial	5%	106.299
$59.81 million	2026	Serial	5%	105.369
$25 million	2027	Serial	4%	98.541
$32 million	2027	Serial	4.25%	98.565
$57,445,000	2028	Serial	5%	104.783
$20,795,000	2029	Serial	5%	104.2

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