Published on 4/18/2012 in the Prospect News Municipals Daily.
New Issue: New Jersey Environmental Infrastructure Trust brings $93.03 million of bonds
By Sheri Kasprzak
New York, April 18 - The New Jersey Environmental Infrastructure Trust priced $93.03 million of series 2012 environmental infrastructure bonds, said a pricing sheet.
The offering included $67,765,000 of series 2012A environmental bonds, $20.49 million of series 2012B AMT bonds and $4,775,000 of series 2012C taxable bonds.
The bonds (Aa3//AAA) were sold competitively with Barclays Capital Inc. winning the series 2012A bonds, Wells Fargo Bank, NA winning the series 2012B bonds, and Janney Montgomery Scott LLC winning the 2012C bonds. The interest rate for the 2012A bonds was 2.748982%, the rate for the 2012B bonds was 3.243755%, and the rate for the 2012C bonds was 3.551794%.
The 2012A bonds are due 2013 to 2031 with 2% to 5% coupons. The 2012B bonds are also due 2013 to 2031 with 2% to 5% coupons. The 2012C bonds are due 2014 to 2031 with coupons from 2% to 4%.
Proceeds will be used to finance smart growth projects in urban areas and make land purchases for open space and small water system projects.
| Issuer: | New Jersey Environmental Infrastructure Trust
|
| Issue: | Series 2012 environmental infrastructure bonds
|
| Amount: | $93.03 million
|
| Type: | Competitive
|
| Underwriters: | Barclays Capital Inc. (winner for 2012A), Wells Fargo Bank, NA (winner for 2012B) and Janney Montgomery Scott LLC (winner for 2012C)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AAA
|
| Pricing date: | April 18
|
| Settlement date: | May 3
|
|
|
| $67,765,000 series 2012A environmental bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,475,000 | 2013 | Serial | 2% | 102.358
|
| $1,795,000 | 2014 | Serial | 3% | 106.137
|
| $2,575,000 | 2015 | Serial | 4% | 111.536
|
| $2,695,000 | 2016 | Serial | 5% | 118.25
|
| $2,805,000 | 2017 | Serial | 5% | 121.338
|
| $2.96 million | 2018 | Serial | 5% | 123.567
|
| $3.1 million | 2019 | Serial | 5% | 125.145
|
| $3,255,000 | 2020 | Serial | 5% | 126.23
|
| $3,415,000 | 2021 | Serial | 5% | 126.87
|
| $3,595,000 | 2022 | Serial | 5% | 125.216
|
| $3,765,000 | 2023 | Serial | 5% | 123.778
|
| $3,975,000 | 2024 | Serial | 5% | 122.547
|
| $4,145,000 | 2025 | Serial | 5% | 121.238
|
| $4,355,000 | 2026 | Serial | 5% | 120.128
|
| $4.56 million | 2027 | Serial | 3% | 98.784
|
| $4.69 million | 2028 | Serial | 3% | 97.718
|
| $4,725,000 | 2029 | Serial | 3.125% | 98.22
|
| $4.9 million | 2030 | Serial | 3.2% | 98.359
|
| $4.98 million | 2031 | Serial | 3.25% | 98.163
|
|
|
| $20.49 million series 2012B AMT bonds
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 2% | 102.089
|
| 2014 | Serial | 3% | 105.539
|
| 2015 | Serial | 3% | 107.141
|
| 2016 | Serial | 3% | 108.051
|
| 2017 | Serial | 4% | 113.687
|
| 2018 | Serial | 4% | 114.451
|
| 2019 | Serial | 5% | 121.72
|
| 2020 | Serial | 5% | 122.475
|
| 2021 | Serial | 5% | 122.735
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 4% | NRO
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 4% | NRO
|
| 2030 | Serial | 5% | NRO
|
| 2031 | Serial | 4% | NRO
|
|
|
| $4,775,000 series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $210,000 | 2014 | Serial | 2% | 102.878
|
| $215,000 | 2015 | Serial | 2% | 103.264
|
| $215,000 | 2016 | Serial | 2% | 102.722
|
| $220,000 | 2017 | Serial | 2% | 101.52
|
| $225,000 | 2018 | Serial | 3% | 104.098
|
| $235,000 | 2019 | Serial | 3% | 104.007
|
| $240,000 | 2020 | Serial | 3% | 101.847
|
| $245,000 | 2021 | Serial | 3% | 100.402
|
| $255,000 | 2022 | Serial | 3% | 99.557
|
| $260,000 | 2023 | Serial | 3% | 99.048
|
| $270,000 | 2024 | Serial | 3.15% | 98.988
|
| $280,000 | 2025 | Serial | 3.375% | 99.2
|
| $290,000 | 2026 | Serial | 3.5% | 98.334
|
| $300,000 | 2027 | Serial | 3.75% | 99.419
|
| $310,000 | 2028 | Serial | 4% | 100.382
|
| $320,000 | 2029 | Serial | 4% | 99.623
|
| $335,000 | 2030 | Serial | 4% | 97.706
|
| $350,000 | 2031 | Serial | 4% | 96.979
|
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