Published on 3/11/2015 in the Prospect News Municipals Daily.
New Issue: New Jersey Economic sells $50.32 million of West Campus Housing bonds
By Sheri Kasprzak
New York, March 11 – The New Jersey Economic Development Authority sold $50.32 million of series 2015 revenue bonds for West Campus Housing LLC, according to a pricing sheet.
The bonds were sold through senior manager RBC Capital Markets LLC.
The bonds are due 2018 to 2022 with term bonds due in 2026, 2030, 2035, 2038, 2041 and 2047. The serial coupons range from 2.125% to 4% with 1.99% to 3.21% yields. The 2026 bonds have a 5% coupon priced at 110.314 to yield 3.8%, the 2030 bonds have a 4.125% coupon priced at 98.048 to yield 4.3% and the 2035 bonds have a 5% coupon priced at 105.339 to yield 4.35%. The 2038 bonds have a 5% coupon priced at 104.578 to yield 4.44%. The 2041 bonds have a 4.5% coupon priced at 97.731 to yield 4.65%, and the 2047 bonds have a 5% coupon priced at 103.907 to yield 4.52%.
Proceeds will be used to acquire, construct, renovate and improve student housing facilities at the New Jersey City University.
| Issuer: | New Jersey Economic Development Authority/West Campus Housing LLC
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $50.32 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Pricing date: | March 11
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $305,000 | 2018 | Serial | 4% | 106.365 | 1.99%
|
| $735,000 | 2019 | Serial | 2.125% | 99.004 | 2.37%
|
| $855,000 | 2020 | Serial | 2.375% | 98.551 | 2.67%
|
| $950,000 | 2021 | Serial | 2.75% | 98.913 | 2.94%
|
| $980,000 | 2022 | Serial | 3% | 98.641 | 3.21%
|
| $4,345,000 | 2026 | Term | 5% | 110.134 | 3.80%
|
| $5,215,000 | 2030 | Term | 4.125% | 98.048 | 4.30%
|
| $7.95 million | 2035 | Term | 5% | 105.339 | 4.35%
|
| $5,795,000 | 2038 | Term | 5% | 104.578 | 4.44%
|
| $6,675,000 | 2041 | Term | 4.5% | 97.731 | 4.65%
|
| $16,515,000 | 2047 | Term | 5% | 103.907 | 4.52%
|
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