Published on 8/15/2012 in the Prospect News Municipals Daily.
New Issue: New Jersey Environmental Infrastructure prices $211.17 million of refunding bonds
By Sheri Kasprzak
New York, Aug. 15 - The New Jersey Environmental Infrastructure Trust sold $211,165,000 of series 2012 environmental infrastructure refunding bonds, according to a term sheet.
The offering included $200.9 million of series 2012A-R bonds, $1,255,000 of series 2012B-R bonds and $9.01 million of series 2012C-R bonds.
The 2012A-R bonds are due 2013 to 2026 with 3% to 4% coupons. The 2012B-R bonds are due 2013 to 2021 with 3% coupons. The 2012C-R bonds are due 2013 to 2023 with 3% to 4% coupons.
The bonds (Aaa/AAA/AAA) were sold competitively. Bank of America Merrill Lynch won the series 2012A-R bonds and Janney Montgomery Scott LLC won the series 2012B-R and 2012C-R bonds, said David Zimmer, the trust's executive director.
Proceeds will be used to refund outstanding bonds.
| Issuer: | New Jersey Environmental Infrastructure Trust
|
| Issue: | Series 2012 environmental infrastructure refunding bonds
|
| Amount: | $211,165,000
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner for 2012A-R bonds), Janney Montgomery Scott LLC (winner for 2012B-R and 2012C-R bonds)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 23
|
|
|
| $200.9 million series 2012A-R bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,255,000 | 2013 | Serial | 3% | 102.857
|
| $8,985,000 | 2014 | Serial | 3% | 105.46
|
| $11,535,000 | 2015 | Serial | 4% | 110.644
|
| $19,355,000 | 2016 | Serial | 3.125% | 109.81
|
| $13.8 million | 2017 | Serial | 4% | 115.508
|
| $14,345,000 | 2018 | Serial | 4% | 116.853
|
| $14.93 million | 2019 | Serial | 4% | 117.623
|
| $15,505,000 | 2020 | Serial | 4% | 118.001
|
| $16,085,000 | 2021 | Serial | 4% | 118.245
|
| $16.31 million | 2022 | Serial | 4% | 118.78
|
| $23,975,000 | 2023 | Serial | 4% | 118.824
|
| $14,565,000 | 2024 | Serial | 4% | 119.273
|
| $17,745,000 | 2025 | Serial | 4% | 118.911
|
| $10.51 million | 2026 | Serial | 4% | 119.085
|
|
|
| $1,255,000 series 2012B-R bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $175,000 | 2013 | Serial | 3% | 102.39
|
| $255,000 | 2014 | Serial | 3% | 104.61
|
| $270,000 | 2015 | Serial | 3% | 106.247
|
| $85,000 | 2016 | Serial | 3% | 106.438
|
| $80,000 | 2017 | Serial | 3% | 107.029
|
| $90,000 | 2018 | Serial | 3% | 106.466
|
| $95,000 | 2019 | Serial | 3% | 106.116
|
| $100,000 | 2020 | Serial | 3% | 103.835
|
| $105,000 | 2021 | Serial | 3% | 103.035
|
|
|
| $9.01 million series 2012C-R bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $670,000 | 2013 | Serial | 4% | 103.407
|
| $705,000 | 2014 | Serial | 4% | 106.614
|
| $740,000 | 2015 | Serial | 4% | 109.221
|
| $770,000 | 2016 | Serial | 3% | 106.438
|
| $800,000 | 2017 | Serial | 3% | 107.029
|
| $835,000 | 2018 | Serial | 3% | 106.466
|
| $870,000 | 2019 | Serial | 3% | 106.116
|
| $875,000 | 2020 | Serial | 3% | 103.835
|
| $890,000 | 2021 | Serial | 3% | 103.035
|
| $915,000 | 2022 | Serial | 3% | 102.088
|
| $940,000 | 2023 | Serial | 3% | 100.842
|
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