By Sheri Kasprzak
New York, Oct. 14 - The New Jersey Transportation Trust Fund sold $1,499,885,000 of series 2010 transportation system bonds, said pricing sheets.
The offering included $1 billion of series 2010C Build America Bonds, $485.785 million of series 2010D bonds and $14.1 million of series 2010E federally taxable bonds.
The 2010C bonds are due 2028 and have a split maturity with a 5.754% coupon and a 6.104% coupon, both priced at par. The 2010D bonds are due 2016 to 2019 and 2022 to 2024 with coupons from 3% to 5.25%. The 2010E bonds are due 2017 and have a 3.6% coupon priced at par.
Barclays Capital Inc. was the senior manager for the bonds (//AA-).
Proceeds will be used to finance capital improvements and refund debt.
| Issuer: | New Jersey Transportation Trust Fund
|
| Issue: | Series 2010 transportation system bonds
|
| Amount: | $1,499,885,000
|
| Type: | Negotiated
|
| Underwriter: | Barclays Capital Inc. (lead)
|
| Rating: | Fitch: AA-
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 21
|
|
|
| Series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $575 million | 2028 | Term | 5.754% | 100
|
| $425 million | 2028 | Term | 6.104% | 100
|
|
|
| Series 2010D
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.975 million | 2016 | Serial | 3% | 104.283
|
| $38.99 million | 2017 | Serial | 5% | 116.272
|
| $63.6 million | 2018 | Serial | 5% | 116.562
|
| $475,000 | 2019 | Serial | 3% | 100
|
| $1.355 million | 2022 | Serial | 3.5% | 98.631
|
| $105 million | 2023 | Serial | 5% | 111.336
|
| $180.28 million | 2023 | Serial | 5.25% | 113.89
|
| $5 million | 2024 | Serial | 4% | 100.318
|
| $89.2 million | 2024 | Serial | 5% | 111.063
|
|
|
| Series 2010E
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.1 million | 2017 | Term | 3.6% | 100
|
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