New Jersey Higher Education preps $190 million student loan offering

By Sheri Kasprzak

New York, May 6 – The New Jersey Higher Education Student Assistance Authority is scheduled to price $190 million of series 2016-1 student loan revenue bonds on Wednesday, said a preliminary official statement.

The bonds (Aa2/AA(sf)) will be sold on a negotiated basis with BofA Merrill Lynch as the sole underwriter.

The deal includes $180 million of series 2016-1A senior bonds and $10 million of series 2016-1B subordinate bonds.

The 2016-1A bonds are due 2017 to 2039 with a term bond due in 2027. The 20161-B bonds are due Dec. 1, 2046.

Proceeds will be used to make student loans to qualified college students in New Jersey.

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