Published on 9/19/2012 in the Prospect News Municipals Daily.
New Issue: New Jersey Economic Development prices $399.37 million of school bonds
By Sheri Kasprzak
New York, Sept. 19 - The New Jersey Economic Development Authority sold $399,365,000 of series 2012 school facilities bonds and notes, according to a pricing sheet.
The sale included $136.88 million of series 2012KK construction bonds, $119.06 million of series 2012G Sifma index construction notes, $119.06 million of series 2012H Sifma index construction notes and $24,365,000 of series 2012MM taxable construction refunding bonds.
The 2012KK bonds are due 2014 to 2032 with term bonds due in 2035 and 2038. The serial coupons range from 3% to 5%. The 2035 bonds have a 5% coupon priced at 112.2. The 2038 bonds have a split maturity with a 3.625% coupon priced at 99.258 and a 5% coupon priced at 111.315.
The 2012G notes are due Feb. 1, 2015 and bear interest at the Sifma index rate plus 1 basis point. The 2012H notes are due Feb. 1, 2017 and also bear interest at the Sifma index rate plus 1 bps.
The 2012MM bonds are due 2015 to 2017 with 1.047% to 1.651% coupons, all priced at par.
The bonds (A1//A+) were sold through RBC Capital Markets LLC.
Proceeds will be used to finance new school construction projects and to refund existing debt.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Series 2012 school facilities bonds
|
| Amount: | $399,365,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Ratings: | Moody's: A1
|
| Fitch: A+
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 3
|
|
|
| $136.88 million series 2012KK construction bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $430,000 | 2014 | Serial | 3% | 103.553
|
| $3,185,000 | 2015 | Serial | 4% | 107.925
|
| $3.31 million | 2016 | Serial | 5% | 113.669
|
| $3.48 million | 2017 | Serial | 3% | 107.755
|
| $3.58 million | 2018 | Serial | 4% | 113.056
|
| $3,725,000 | 2019 | Serial | 5% | 118.959
|
| $575,000 | 2020 | Serial | 4% | 112.683
|
| $3,335,000 | 2020 | Serial | 5% | 119.578
|
| $4.1 million | 2021 | Serial | 5% | 120.031
|
| $4,305,000 | 2022 | Serial | 5% | 120.289
|
| $4.52 million | 2023 | Serial | 5% | 119.688
|
| $4,745,000 | 2024 | Serial | 5% | 118.637
|
| $4,985,000 | 2025 | Serial | 5% | 117.785
|
| $175,000 | 2026 | Serial | 3% | 99.669
|
| $5.06 million | 2026 | Serial | 5% | 116.754
|
| $5.49 million | 2027 | Serial | 5% | 116.196
|
| $5,765,000 | 2028 | Serial | 5% | 115.641
|
| $6,055,000 | 2029 | Serial | 5% | 115.09
|
| $6.36 million | 2030 | Serial | 5% | 114.541
|
| $100,000 | 2031 | Serial | 3.3% | 99.587
|
| $6,575,000 | 2031 | Serial | 5% | 113.996
|
| $7,005,000 | 2032 | Serial | 5% | 113.634
|
| $23,195,000 | 2035 | Term | 5% | 112.2
|
| $1,475,000 | 2038 | Term | 3.625% | 99.258
|
| $25.35 million | 2038 | Term | 5% | 111.315
|
|
|
| $119.06 million series 2012G Sifma index construction notes
|
| Maturity | Type | Coupon | Price
|
| Feb. 1, 2015 | Term | Sifma index rate plus 1 bps | 100
|
|
|
| $119.06 million series 2012H Sifma index construction notes
|
| Maturity | Type | Coupon | Price
|
| Feb. 1, 2017 | Term | Sifma index rate plus 1 bps | 100
|
|
|
| $24,365,000 series 2012MM taxable construction refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,015,000 | 2015 | Serial | 1.047% | 100
|
| $8,115,000 | 2016 | Serial | 1.401% | 100
|
| $8,235,000 | 2017 | Serial | 1.651% | 100
|
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