Published on 11/18/2015 in the Prospect News Municipals Daily.
New Issue: New Jersey Transportation Trust brings $626.8 million of program bonds
By Sheri Kasprzak
New York, Nov. 18 – The New Jersey Transportation Trust Fund priced $626.8 million of series 2015AA transportation program bonds, according to a pricing sheet.
The bonds (A3/A-/A-) were sold through senior manager RBC Capital Markets LLC.
The bonds are due 2017 to 2035 with term bonds due in 2038, 2041 and 2046. The serial coupons range from 3% to 5% with yields from 2.32% to 4.8%. The 2038 bonds have a 4.75% coupon priced at 98.232 to yield 4.88%, and the 2041 bonds have a 5.25% coupon priced at 102.485 to yield 4.92%. The 2046 bonds have a 5% coupon priced at 99.844 to yield 5.01% and a 5.1% coupon priced at 99.842 to yield 5.01%.
Proceeds will be used to finance transportation projects within the state.
| Issuer: | New Jersey Transportation Trust Fund
|
| Issue: | Series 2015AA transportation program bonds
|
| Amount: | $626.8 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Academy Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC and Roosevelt & Cross Inc. (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,775,000 | 2017 | Serial | 3% | 101.019 | 2.32%
|
| $10,065,000 | 2018 | Serial | 4% | 103.388 | 2.61%
|
| $10.47 million | 2019 | Serial | 5% | 107.043 | 2.89%
|
| $3.76 million | 2020 | Serial | 3.125% | 99.936 | 3.14%
|
| $7,235,000 | 2020 | Serial | 5% | 107.805 | 3.14%
|
| $11.47 million | 2021 | Serial | 5% | 108.01 | 3.40%
|
| $12,045,000 | 2022 | Serial | 5% | 107.725 | 3.66%
|
| $12.65 million | 2023 | Serial | 5% | 107.256 | 3.88%
|
| $8,315,000 | 2024 | Serial | 4% | 99.712 | 4.04%
|
| $4,965,000 | 2024 | Serial | 5% | 106.871 | 4.04%
|
| $13.86 million | 2025 | Serial | 5% | 106.717 | 4.14%
|
| $7.21 million | 2026 | Serial | 4.25% | 99.662 | 4.29%
|
| $7,345,000 | 2026 | Serial | 5% | 105.507 | 4.29%
|
| $15,225,000 | 2027 | Serial | 5.25% | 106.881 | 4.36%
|
| $16,025,000 | 2028 | Serial | 5.25% | 106.239 | 4.44%
|
| $16.87 million | 2029 | Serial | 5.25% | 105.444 | 4.54%
|
| $17,755,000 | 2030 | Serial | 4.625% | 99.84 | 4.64%
|
| $18,575,000 | 2031 | Serial | 5.25% | 104.264 | 4.69%
|
| $19.55 million | 2032 | Serial | 5.25% | 104.108 | 4.71%
|
| $20,575,000 | 2033 | Serial | 5.25% | 103.796 | 4.75%
|
| $21,655,000 | 2034 | Serial | 5.25% | 103.409 | 4.80%
|
| $22,795,000 | 2035 | Serial | 4.875% | 99.368 | 4.80%
|
| $75,085,000 | 2038 | Term | 4.75% | 98.232 | 4.88%
|
| $86.73 million | 2041 | Term | 5.25% | 102.485 | 4.92%
|
| $137,905,000 | 2046 | Term | 5% | 99.844 | 5.01%
|
| $38.89 million | 2046 | Term | 5.1% | 99.842 | 5.01%
|
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