Published on 10/7/2014 in the Prospect News Municipals Daily.
New Issue: New Jersey Economic Development sells $644.06 million of bonds, notes
By Sheri Kasprzak
New York, Oct. 7 – The New Jersey Economic Development Authority priced $644.06 million of series 2014 school facilities construction bonds and notes, according to a pricing sheet.
The offering included $119.06 million of series 2014K Sifma index refunding notes and $525 million of series 2014UU school construction bonds.
The 2014UU bonds are due 2016 to 2034 with a term bond due in 2040. The serial coupons range from 2% to 5%. The 2040 bonds have a 4.2% coupon priced at 99.528 and a 5% coupon priced at 107.197.
The pricing terms of the series 2014K bonds were not immediately available Tuesday.
Proceeds will be used to finance the construction of new school facilities within the state, as well as to refund the authority’s series 2012G school facilities construction notes.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Series 2014 school facilities construction bonds and notes
|
| Amount: | $644.06 million
|
| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., Loop Capital Markets LLC, Wells Fargo Securities LLC, Academy Securities, KeyBanc Capital Markets LLC, M&T Securities Inc., Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. (co-managers)
|
| Ratings: | Moody’s: A2
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| Standard & Poor’s: A-
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| Fitch: A-
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 17
|
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|
| $525 million series 2014UU school construction bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.37 million | 2016 | Serial | 2.5% | 102.765
|
| $1.25 million | 2017 | Serial | 2% | 102.194
|
| $10.46 million | 2017 | Serial | 5% | 110.032
|
| $1.02 million | 2018 | Serial | 2% | 101.38
|
| $11,235,000 | 2018 | Serial | 5% | 112.003
|
| $3.17 million | 2019 | Serial | 4% | 108.81
|
| $9.67 million | 2019 | Serial | 5% | 113.237
|
| $200,000 | 2020 | Serial | 3% | 103.317
|
| $13.25 million | 2020 | Serial | 5% | 113.853
|
| $250,000 | 2021 | Serial | 4% | 108.064
|
| $13.87 million | 2021 | Serial | 5% | 114.128
|
| $515,000 | 2022 | Serial | 4% | 107.008
|
| $14,305,000 | 2022 | Serial | 5% | 113.814
|
| $4.85 million | 2023 | Serial | 3.1% | 99.771
|
| $10,705,000 | 2023 | Serial | 5% | 114.086
|
| $2.66 million | 2024 | Serial | 3.2% | 99.749
|
| $13.62 million | 2024 | Serial | 5% | 114.584
|
| $17,045,000 | 2025 | Serial | 5% | 113.341
|
| $17.9 million | 2026 | Serial | 5% | 112.638
|
| $18,795,000 | 2027 | Serial | 5% | 111.94
|
| $19,735,000 | 2028 | Serial | 5% | 111.61
|
| $15.25 million | 2029 | Serial | 5% | 110.645
|
| $5.47 million | 2029 | Serial | 5% | 110.645
|
| $21,755,000 | 2030 | Serial | 5% | 110.132
|
| $12,095,000 | 2031 | Serial | 5% | 109.792
|
| $10.75 million | 2031 | Serial | 5% | 111.334
|
| $13.16 million | 2032 | Serial | 3.625% | 98.012
|
| $10,825,000 | 2032 | Serial | 4% | 100
|
| $25.13 million | 2033 | Serial | 5% | 110.56
|
| $26,385,000 | 2034 | Serial | 5% | 108.611
|
| $11.7 million | 2040 | Term | 4.2% | 99.528
|
| $176,605,000 | 2040 | Term | 5% | 107.197
|
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