By Sheri Kasprzak
New York, May 12 – The New Jersey Higher Education Student Assistance Authority priced $190 million of series 2016-1 student loan revenue bonds, according to a pricing sheet.
The deal included $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 2032 with a term bond due in 2039. The serial coupons range from 2.75% to 5%. The 2039 bonds have a 4% coupon priced at 101.502.
The 2016-1B bonds are due Dec. 1, 2046 and have a 4% coupon priced at 99.129.
The bonds (Aa2/AA(sf)) were sold through senior manager BofA Merrill Lynch.
Proceeds will be used to make student loans to qualified New Jersey college students.
| Issuer: | New Jersey Higher Education Student Assistance Authority
|
| Issue: | Series 2016-1 student loan revenue bonds
|
| Amount: | $190 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA(sf)
|
| Pricing date: | May 11
|
| Settlement date: | June 1
|
|
|
| $180 million series 2016-1A senior bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3 million | 2017 | Serial | 5% | 105.448
|
| $5 million | 2018 | Serial | 5% | 108.428
|
| $6.5 million | 2019 | Serial | 5% | 110.664
|
| $8 million | 2020 | Serial | 5% | 112.39
|
| $9 million | 2021 | Serial | 5% | 113.985
|
| $10 million | 2022 | Serial | 5% | 115.302
|
| $9.5 million | 2023 | Serial | 5% | 116.48
|
| $9 million | 2024 | Serial | 5% | 117.448
|
| $8 million | 2025 | Serial | 5% | 118.149
|
| $6 million | 2026 | Serial | 5% | 116.966
|
| $35 million | 2027 | Serial | 2.75% | 99.511
|
| $11 million | 2028 | Serial | 3.25% | 98.283
|
| $13 million | 2029 | Serial | 3.25% | 97.75
|
| $14 million | 2030 | Serial | 3.25% | 97.398
|
| $15 million | 2031 | Serial | 3.5% | 99.408
|
| $11 million | 2032 | Serial | 3.5% | 98.519
|
| $7 million | 2039 | Term | 4% | 101.502
|
|
|
| $10 million series 20161-B subordinate bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2046 | Term | 4% | 99.129
|
|
|
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