By Sheri Kasprzak
New York, Nov. 16 - The New Jersey Transportation Trust Fund sold $1.3 billion of series 2011 transportation system bonds on Wednesday, according to a pricing sheet.
The bonds (A1/A+/A+) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2013 to 2026 with term bonds due in 2031, 2036, 2037 and 2042. The serial coupons range from 2.5% to 5.25%. The 2031 bonds have a 5.5% coupon, the 2036 bonds have a 5.25% coupon and the 2037 bonds have a 5% coupon. The 2042 bonds have a 5% coupon.
Proceeds will be used to fund transportation-related capital projects in the state.
| Issuer: | New Jersey Transportation Trust Fund
|
| Issue: | Series 2011 transportation system bonds
|
| Amount: | $1.3 billion
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 1
|
|
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 4%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 2.5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 3.15%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 4%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5.25%
|
| 2023 | Serial | 5.25%
|
| 2024 | Serial | 4%
|
| 2024 | Serial | 5.25%
|
| 2025 | Serial | 4.125%
|
| 2025 | Serial | 5.25%
|
| 2026 | Serial | 5.25%
|
| 2031 | Term | 5.5%
|
| 2036 | Term | 5.25%
|
| 2037 | Term | 5%
|
| 2042 | Term | 5%
|
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