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New Jersey Higher Education to sell $180 million student loan bonds
By Sheri Kasprzak
New York, May 11 – The Higher Education Student Facility Authority of New Jersey is set to price $180 million of series 2015 student loan revenue bonds on Tuesday, according to a preliminary official statement.
The deal includes $170 million of series 2015-1A senior bonds (Aa2/AA(sf)/) and $10 million of series 2015-1B subordinate bonds (A2/A(sf)/).
The bonds will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager and Ramirez & Co. Inc. as the co-manager.
The 2015-1A bonds are due 2016 to 2032 with a term bond due in 2029. The 2015-1B bonds are due in 2044.
Proceeds will be used to make a deposit into a student loan fund.
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