Published on 1/24/2013 in the Prospect News Municipals Daily.
New Issue: New Jersey Economic Development brings $2.25 billion of school facilities bonds
By Sheri Kasprzak
New York, Jan. 24 - The New Jersey Economic Development Authority priced $2,253,495,000 of school facilities construction refunding bonds, said a pricing sheet.
The offering included $1,629,710,000 of series NN bonds, $243.27 million of series OO bonds and $380,515,000 of series I Sifma index bonds.
The bonds (A1/A+/A+) were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager.
The series NN bonds are due 2018 to 2031 with 2% to 5% coupons.
The series OO bonds are due 2015 to 2018 with 0.857% to 1.648% coupons, all priced at par.
The series I bonds are due 2025, 2027 and 2028. The full pricing terms for the series I bonds were not immediately available Thursday.
Proceeds will be used to refund existing bonds to reduce the authority's variable-rate debt.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | School facilities construction refunding bonds
|
| Amount: | $2,253,495,000
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
|
|
| $1,629,710,000 series NN bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,095,000 | 2018 | Serial | 2% | 103.682
|
| $625,000 | 2019 | Serial | 3% | 108.81
|
| $111,615,000 | 2019 | Serial | 5% | 120.404
|
| $4.24 million | 2020 | Serial | 4% | 114.998
|
| $81,535,000 | 2020 | Serial | 5% | 121.635
|
| $1.75 million | 2021 | Serial | 3% | 107.428
|
| $100.04 million | 2021 | Serial | 5% | 122.287
|
| $1.79 million | 2022 | Serial | 2.5% | 102.373
|
| $92.66 million | 2022 | Serial | 5% | 122.845
|
| $795,000 | 2023 | Serial | 3% | 105.435
|
| $137,865,000 | 2023 | Serial | 5% | 123.261
|
| $129,235,000 | 2024 | Serial | 5% | 121.958
|
| $157,925,000 | 2025 | Serial | 5% | 120.672
|
| $172.92 million | 2026 | Serial | 5% | 119.888
|
| $2,405,000 | 2027 | Serial | 4% | 108.643
|
| $172,025,000 | 2027 | Serial | 5% | 119.208
|
| $7.47 million | 2028 | Serial | 3% | 98.444
|
| $152,245,000 | 2028 | Serial | 5% | 118.532
|
| $24.6 million | 2029 | Serial | 4% | 107.74
|
| $107.09 million | 2029 | Serial | 5% | 118.243
|
| $138.03 million | 2030 | Serial | 5% | 118.052
|
| $31,755,000 | 2031 | Serial | 5% | 117.765
|
|
|
| $243.27 million series OO bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $43.2 million | 2015 | Serial | 0.857% | 100
|
| $83.86 million | 2016 | Serial | 1.059% | 100
|
| $55,895,000 | 2017 | Serial | 1.348% | 100
|
| $60,315,000 | 2018 | Serial | 1.648% | 100
|
|
|
| $380,515,000 series I Sifma index bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $60.85 million | 2025 | Term | Sifma index | 100
|
| $89.58 million | 2027 | Serial | Sifma index | 100
|
| $230,085,000 | 2028 | Serial | Sifma index | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
