Published on 3/9/2016 in the Prospect News Municipals Daily.
New Issue: New Jersey Educational Facilities sells $217.32 million Princeton bonds
By Sheri Kasprzak
New York, March 9 – The New Jersey Educational Facilities Authority sold $217.32 million of series 2016 revenue bonds for Princeton University, according to a pricing sheet.
The deal included $100 million of series 2016A revenue bonds and $117.32 million of series 2016B refunding bonds.
The 2016A bonds are due 2018 and 2020 to 2035 with 4% to 5% coupons and yields from 0.6% to 2.71%.
The 2016B bonds are due 2017 to 2027 with 5% coupons and yields from 0.51% to 2.01%.
Proceeds will be used to finance capital expenditures for the university and refund existing revenue bonds.
| Issuer: | New Jersey Educational Facilities Authority/Princeton University
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $217.32 million
|
| Type: | Competitive
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| Pricing date: | March 9
|
| Settlement date: | April 5
|
|
|
| $100 million series 2016A revenue bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2018 | Serial | 5% | 109.769 | 0.60%
|
| 2020 | Serial | 5% | 116.967 | 0.91%
|
| 2021 | Serial | 5% | 119.912 | 1.08%
|
| 2022 | Serial | 5% | 122.437 | 1.25%
|
| 2023 | Serial | 5% | 124.309 | 1.45%
|
| 2024 | Serial | 5% | 126.056 | 1.61%
|
| 2025 | Serial | 5% | 127.61 | 1.75%
|
| 2026 | Serial | 5% | 129.04 | 1.87%
|
| 2027 | Serial | 5% | 127.754 | 1.99%
|
| 2028 | Serial | 5% | 126.8 | 2.08%
|
| 2029 | Serial | 5% | 126.063 | 2.15%
|
| 2030 | Serial | 5% | 125.332 | 2.22%
|
| 2031 | Serial | 4% | 113.86 | 2.46%
|
| 2032 | Serial | 4% | 112.99 | 2.55%
|
| 2033 | Serial | 4% | 112.415 | 2.61%
|
| 2034 | Serial | 4% | 111.938 | 2.66%
|
| 2035 | Serial | 4% | 111.463 | 2.71%
|
|
|
| $117.32 million series 2016B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.93 million | 2017 | Serial | 5% | 105.537 | 0.51%
|
| $2.87 million | 2018 | Serial | 5% | 109.652 | 0.65%
|
| $3,005,000 | 2019 | Serial | 5% | 113.4 | 0.80%
|
| $4,745,000 | 2020 | Serial | 5% | 116.74 | 0.96%
|
| $4,935,000 | 2021 | Serial | 5% | 119.63 | 1.13%
|
| $8,515,000 | 2022 | Serial | 5% | 122.168 | 1.29%
|
| $22.52 million | 2023 | Serial | 5% | 124.076 | 1.48%
|
| $13.93 million | 2024 | Serial | 5% | 125.792 | 1.64%
|
| $19.16 million | 2025 | Serial | 5% | 127.317 | 1.78%
|
| $15,185,000 | 2026 | Serial | 5% | 128.717 | 1.90%
|
| $21,025,000 | 2027 | Serial | 5% | 127.541 | 2.01%
|
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