By Cristal Cody
Tupelo, Miss., Aug. 4 - The New Jersey Environmental Infrastructure Trust priced $79.18 million in two tranches of refunding bonds (Aaa/AAA/AAA) on Wednesday.
The trust sold $73.885 million of series 2010A refunding bonds through a competitive sale to winning bidder Bank of America Merrill Lynch with a 2.3568% true interest cost, Frank Scangarella, chief operating officer, told Prospect News.
The series 2010A bonds were sold with coupons ranging from 3% to 5% on serial maturities from 2011 through 2024.
The trust sold $5.295 million of series 2010B bonds, priced with a 2.8889% true interest cost from winning bidder Janney Montgomery Scott. The bonds have serial maturities from 2011 through 2020 and priced with 2% to 4% coupons.
Public Financial Management Inc. was the financial adviser.
Proceeds from the sales will be used to refund the trust's series 1995A bonds.
| Issuer: | New Jersey Environmental Infrastructure Trust
|
| Issue: | Refunding bonds
|
| Amount: | $79.18 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 4
|
|
|
| Issue: | Series 2010A
|
| Amount: | $73.885 million
|
| Underwriter: | Bank of America Merrill Lynch
|
| Maturities: | 2011-2024
|
| True interest cost: | 2.3568%
|
| Coupons: | 3% to 5%
|
|
|
| Issue: | Series 2010B
|
| Amount: | $5.295 million
|
| Underwriter: | Janney Montgomery Scott
|
| Maturities: | 2011-2020
|
| True interest cost: | 2.8889%
|
| Coupons: | 2% to 4%
|
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