Published on 2/10/2015 in the Prospect News Municipals Daily.
New Issue: Franklin Township Board of Education, N.J., sells $81.48 million bonds
By Sheri Kasprzak
New York, Feb. 10 – The Franklin Township Board of Education of New Jersey sold $81.48 million of series 2015 school bonds, according to a pricing sheet.
The bonds (/AA/) were sold competitively with Wells Fargo Bank, NA winning a portion at 3.140472% net interest cost, Citigroup Global Markets Inc. taking a portion at a 3.221764% NIC and Raymond James/Morgan Keegan taking a part at a 3.250557% NIC.
The bonds are due 2017 to 2035 with 3% to 4% coupons and 0.65% to 3.40% yields.
Proceeds will be used to acquire, construct, renovate and improve school facilities.
| Issuer: | Franklin Township Board of Education, N.J.
|
| Issue: | Series 2015 school bonds
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| Amount: | $81.48 million
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| Type: | Competitive
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| Underwriters: | Wells Fargo Bank, NA (3.140472% NIC), Citigroup Global Markets Inc. (3.221764% NIC) and Raymond James/Morgan Keegan (3.250557% NIC)
|
| Rating: | Standard & Poor’s: AA
|
| Pricing date: | Feb. 10
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| Settlement date: | Feb. 26
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.5 million | 2017 | Serial | 3% | 104.5 | 0.65%
|
| $3.5 million | 2018 | Serial | 3% | 106.509 | 0.75%
|
| $3,595,000 | 2019 | Serial | 3% | 107.689 | 1.00%
|
| $3,685,000 | 2020 | Serial | 3% | 108.342 | 1.25%
|
| $3,775,000 | 2021 | Serial | 3% | 108.184 | 1.55%
|
| $3.88 million | 2022 | Serial | 3% | 107.514 | 1.84%
|
| $3,985,000 | 2023 | Serial | 3% | 106.919 | 2.05%
|
| $4,105,000 | 2024 | Serial | 3% | 105.195 | 2.28%
|
| $4.23 million | 2025 | Serial | 3% | 103.941 | 2.45%
|
| $4.36 million | 2026 | Serial | 3% | 102.127 | 2.70%
|
| $4.5 million | 2027 | Serial | 3% | 100.702 | 2.90%
|
| $4.64 million | 2028 | Serial | 3% | 100 | 3.00%
|
| $4,785,000 | 2029 | Serial | 3% | 98.874 | 3.10%
|
| $4.94 million | 2030 | Serial | 3% | 98.25 | 3.148%
|
| $5 million | 2031 | Serial | 3% | 97.5 | 3.201%
|
| $5 million | 2032 | Serial | 3% | 97 | 3.231%
|
| $5 million | 2033 | Serial | 3.125% | 97.644 | 3.30%
|
| $5 million | 2034 | Serial | 3.25% | 98.604 | 3.35%
|
| $5 million | 2035 | Serial | 4% | 104.138 | 3.40%
|
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