New Issue: New Jersey Economic Development sells $61.67 million of revenue bonds

By Sheri Kasprzak

New York, June 20 – The New Jersey Economic Development Authority sold $61.67 million of series 2014 fixed-rate revenue bonds, said a pricing sheet.

The bonds were sold through H.J. Sims & Co.

The bonds are due 2015 to 2020 with term bonds due in 2024, 2029, 2034, 2039 and 2044. The serial coupons range from 2.25% to 4%, all priced at par. The 2024 bonds have a 4.375% coupon priced at par, and the 2029 bonds have a 4.875% coupon priced at par. The 2034 bonds have a 5% coupon priced at 98.47 to yield 5.125%, and the 2039 bonds have a 5.125% coupon priced at 98.287 to yield 5.25%. The 2044 bonds have a 5.25% coupon priced at 98.16 to yield 5.375%.

Proceeds will be used to finance the renovation of the Lions Gate assisted living community’s kitchen and dining area, as well as the expansion of its fitness facilities, and to refund its series 2005B bonds.

Issuer:	New Jersey Economic Development Authority/Lions Gate
Issue:	Series 2014 fixed-rate revenue bonds
Amount:	$61.67 million
Type:	Negotiated
Underwriter:	H.J. Sims & Co. (lead)
Pricing date:	June 20
Settlement date:	July 2
Amount	Maturity	Type	Coupon	Price	Yield
$500,000	2015	Serial	2.25%	100	2.25%
$950,000	2016	Serial	2.5%	100	2.5%
$1.04 million	2017	Serial	2.875%	100	2.875%
$1.07 million	2018	Serial	3.25%	100	3.25%
$1,105,000	2019	Serial	3.625%	100	3.625%
$1,145,000	2020	Serial	4%	100	4%
$5.09 million	2024	Term	4.375%	100	4.375%
$7,695,000	2029	Term	4.875%	100	4.875%
$9.92 million	2034	Term	5%	98.47	5.125%
$2 million	2039	Term	5.125%	98.287	5.25%
$31,155,000	2044	Term	5.25%	98.16	5.375%

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