New Jersey Turnpike defeases $1.36 billion of six revenue bonds series

By Ashley Montgomery

Kansas City, Kan., Sept. 21 - New Jersey Turnpike Authority has defeased and set redemption dates for $1,357,805,000 of its turnpike revenue bonds, according to a notice.

The authority will redeem $35.49 million of its 6.5% series 1991 C bonds due Jan. 1, 2016 at maturity.

The following series 2003 A bonds will be redeemed on July 1, 2013:

• $198.19 million of 5% bonds due Jan. 1, 2019;

• $79,125,000 of 5% bonds due Jan. 1, 2020;

• $41.97 million of 5% bonds due Jan. 1, 2021;

• $32.5 million of 5% bonds due Jan. 1, 2022;

• $32,545,000 of 5% bonds due Jan. 1, 2023;

• $32 million of 4.75% bonds due Jan. 1, 2024;

• $54,875,000 of 4.75% bonds due Jan. 1, 2025;

• $117,835,000 of 5% bonds due Jan. 1, 2027; and

• $119,775,000 of 5% bonds due Jan. 1, 2030.

Additionally, $75 million of the authority's 5% series 2009 E bonds due Jan. 1, 2028 will be redeemed on Jan. 1, 2014.

As previously reported, on Oct. 22 the authority will redeem the following:

• $371 million of variable-rate series 1991 D bonds due Jan. 1, 2018;

• $43.75 million of variable-rate series 2009 C bonds due Jan. 1, 2024; and

• $43.75 million of variable-rate series 2009 D bonds due Jan. 1, 2024.

All of the bonds have been defeased for the amount of par plus accrued interest to the redemption dates.

Bank of New York Mellon is the escrow agent.

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