Published on 10/19/2012 in the Prospect News Municipals Daily.
New Issue: New Jersey Educational prices $51.11 million William Paterson University bonds
By Sheri Kasprzak
New York, Oct. 19 - The New Jersey Educational Facilities Authority priced $51,105,000 of series 2012 revenue and refunding bonds for William Paterson University, according to a pricing sheet.
The offering included $33,815,000 of series 2012C revenue bonds and $17.29 million of series 2012D revenue refunding bonds.
The 2012C bonds are due 2013 to 2034 with term bonds due in 2038 and 2042. The serial coupons range from 2% to 5%. The 2038 bonds have a 3.5% coupon priced at 99.158, and the 2042 bonds have a 3.5% coupon priced at 98.5.
The 2012D bonds are due 2013 and 2015 to 2028 with 2% to 5% coupons.
The bonds (A1//AA-) were sold competitively. Citigroup Global Markets Inc. won the bid for both tranches, said Sheryl Stitt, director of public communications for the authority. The all-in true interest cost was 2.9554027%.
Proceeds will be used to refund the university's series 2002E and 2004A revenue bonds, as well as to make capital improvements to university facilities.
| Issuer: | New Jersey Educational Facilities Authority/William Paterson University
|
| Issue: | Series 2012 revenue and revenue refunding bonds
|
| Amount: | $51,105,000
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (winner)
|
| True interest cost: | 2.9554027%
|
| Ratings: | Moody's: A1
|
| Fitch: AA-
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 22
|
|
|
| $33,815,000 series 2012C revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $675,000 | 2013 | Serial | 2% | 101.034
|
| $450,000 | 2014 | Serial | 3% | 103.98
|
| $465,000 | 2015 | Serial | 3% | 106.071
|
| $480,000 | 2016 | Serial | 3% | 107.939
|
| $490,000 | 2017 | Serial | 3% | 109.101
|
| $505,000 | 2018 | Serial | 3% | 109.548
|
| $520,000 | 2019 | Serial | 3% | 109.484
|
| $540,000 | 2020 | Serial | 3% | 108.558
|
| $2.07 million | 2021 | Serial | 5% | 122.873
|
| $2,165,000 | 2022 | Serial | 5% | 123.285
|
| $2,275,000 | 2023 | Serial | 3% | 103.832
|
| $2.35 million | 2024 | Serial | 3% | 102.535
|
| $2.42 million | 2025 | Serial | 3% | 101.681
|
| $2,485,000 | 2026 | Serial | 3% | 100.835
|
| $2,565,000 | 2027 | Serial | 3% | 100
|
| $710,000 | 2028 | Serial | 3% | 99.749
|
| $730,000 | 2029 | Serial | 3% | 99.347
|
| $750,000 | 2030 | Serial | 3% | 98.644
|
| $775,000 | 2031 | Serial | 3.125% | 99.646
|
| $795,000 | 2032 | Serial | 3.125% | 98.908
|
| $820,000 | 2033 | Serial | 3.25% | 100
|
| $850,000 | 2034 | Serial | 3.25% | 99.227
|
| $3.69 million | 2038 | Term | 3.5% | 99.158
|
| $4.24 million | 2042 | Term | 3.5% | 98.5
|
|
|
| $17.29 million series 2012D revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $205,000 | 2013 | Serial | 2% | 101.034
|
| $970,000 | 2015 | Serial | 3% | 106.071
|
| $1 million | 2016 | Serial | 4% | 111.547
|
| $1.04 million | 2017 | Serial | 5% | 118.202
|
| $1.09 million | 2018 | Serial | 5% | 120.461
|
| $1,145,000 | 2019 | Serial | 5% | 122.132
|
| $1.2 million | 2020 | Serial | 5% | 122.825
|
| $1.26 million | 2021 | Serial | 4% | 114.985
|
| $1.31 million | 2022 | Serial | 5% | 123.285
|
| $1.38 million | 2023 | Serial | 3% | 103.832
|
| $1.42 million | 2024 | Serial | 3% | 102.535
|
| $1.46 million | 2025 | Serial | 3% | 101.681
|
| $1,505,000 | 2026 | Serial | 3% | 100.835
|
| $1.55 million | 2027 | Serial | 3% | 100
|
| $755,000 | 2028 | Serial | 3% | 99.749
|
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