Published on 8/19/2015 in the Prospect News Municipals Daily.
New Issue: New Jersey Educational sells $114.53 million College of New Jersey revenue bonds
By Sheri Kasprzak
New York, Aug. 19 – The New Jersey Educational Facilities Authority sold $114,525,000 of series 2015G revenue refunding bonds for the College of New Jersey, according to a pricing sheet. The deal was upsized from $109,305,000.
The bonds (A2/A) were sold through Citigroup Global Markets Inc.
The bonds are due 2019 to 2031 with 3.25% to 5% coupons and yields from 1.69% to 3.8%.
Proceeds will be used to advance refund the authority’s series 2008D revenue bonds.
| Issuer: | New Jersey Educational Facilities Authority/The College of New Jersey
|
| Issue: | Series 2015G revenue refunding bonds
|
| Amount: | $114,525,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Morgan Stanley & Co. LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | Aug. 18
|
| Settlement date: | Sept. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.24 million | 2019 | Serial | 4% | 108.441 | 1.69%
|
| $7.87 million | 2020 | Serial | 4% | 108.992 | 2.02%
|
| $8.22 million | 2021 | Serial | 5% | 114.261 | 2.35%
|
| $8.16 million | 2022 | Serial | 5% | 114.844 | 2.60%
|
| $8,625,000 | 2023 | Serial | 5% | 115.75 | 2.74%
|
| $10.24 million | 2024 | Serial | 5% | 116.438 | 2.87%
|
| $8.63 million | 2025 | Serial | 5% | 116.851 | 3.00%
|
| $9.06 million | 2026 | Serial | 5% | 115.566 | 3.14%
|
| $9,105,000 | 2027 | Serial | 5% | 114.658 | 3.24%
|
| $8.84 million | 2028 | Serial | 3.25% | 96.534 | 3.59%
|
| $720,000 | 2028 | Serial | 5% | 113.937 | 3.32%
|
| $9.88 million | 2029 | Serial | 3.375% | 96.826 | 3.67%
|
| $10.21 million | 2030 | Serial | 5% | 112.69 | 3.46%
|
| $10,725,000 | 2031 | Serial | 3.5% | 96.458 | 3.80%
|
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