New Jersey Economic to sell $238.9 million of Rutgers University bonds

By Sheri Kasprzak

New York, Aug. 20 - The New Jersey Economic Development Authority is set to price $238.9 million of series 2013 general obligation lease revenue bonds for Rutgers University, according to a preliminary official statement.

The bonds (Aa3/AA-/AA-) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager and Morgan Stanley & Co. LLC and Wells Fargo Securities LLC as the co-managers.

The bonds are due 2017 to 2033 with term bonds due in 2038 and 2046.

Proceeds will be used to purchase properties on the Rutgers University New Brunswick, N.J., campus to develop and construct new facilities including an academic building.

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