By Cristal Cody
Springdale, Ark., June 20 - The New Jersey Educational Facilities Authority released details Friday of the sale of $88.67 million revenue bonds, which priced with a 4.72% true interest cost.
The series 2008C William Paterson University of New Jersey bonds (Aaa/AAA/) priced with 3.25% to 5% coupons to yield 2.06% to 4.84%.
The bonds have serial maturities from 2009 through 2026 and term bonds in 2030, 2033 and 2038.
The bonds are insured by Assured Guaranty Corp.
RBC Capital Markets was the senior manager of the negotiated sale. Co-managers were Banc of America Securities LLC, Prager Sealy & Co. and Siebert Brandford Shank & Co.
Proceeds will be used to finance a three-story science hall addition for research space, classrooms and teaching labs and to refund the outstanding series 1998D revenue bonds.
| Issuer: | New Jersey Educational Facilities Authority/ William Paterson University of New Jersey
|
| Issue: | Revenue bonds
|
| Amount: | $88.67 million
|
| Type: | Negotiated
|
| True interest cost: | 4.72%
|
| Coupons: | 3.25%-5%
|
| Yields: | 2.06%-4.84%
|
| Maturities: | 2009-2026 serials; terms in 2030, 2033 and 2038
|
| Underwriter: | RBC Capital Markets (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | June 17
|
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