Published on 3/12/2013 in the Prospect News Municipals Daily.
New Issue: East Brunswick, N.J., sells $50.78 million of G.O. bonds and BANs
By Sheri Kasprzak
New York, March 12 - The Township of East Brunswick, N.J. sold $50,784,000 of series 2013 general obligation bonds and bond anticipation notes, according to a pricing sheet and the township's chief financial officer, L. Mason Neely.
The bonds (Aa1) were sold competitively with Janney Montgomery Scott LLC winning the bid at a 2.767212% net interest cost. The bonds are due 2014 to 2033 with 2% to 3% coupons.
The bond anticipation notes were also sold competitively with TD Securities (USA) Inc. winning the bid at a 0.485% net interest cost. The notes are due March 21, 2014 and have a 1% coupon to yield 0.47%.
Proceeds will be used to finance repairs and infrastructure improvements to facilities damaged by Hurricane Sandy in late October 2012.
| Issuer: | Township of East Brunswick, N.J.
|
| Issue: | Series 2013 general obligation bonds and bond anticipation notes
|
| Amount: | $50,784,000
|
| Type: | Competitive
|
| Underwriters: | Janney Montgomery Scott LLC (winner for G.O. bonds), TD Securities (USA) Inc. (winner for notes)
|
| Net interest cost: | 2.767212% (for G.O. bonds), 0.485% (for notes)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | March 12
|
| Settlement date: | March 21
|
|
|
| $42,632,000 series 2013 G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.85 million | 2014 | Serial | 2% | 101.598
|
| $1.85 million | 2015 | Serial | 2% | 103.036
|
| $1,995,000 | 2016 | Serial | 2% | 104.072
|
| $2,015,000 | 2017 | Serial | 2% | 104.896
|
| $2,105,000 | 2018 | Serial | 2% | 104.849
|
| $2.15 million | 2019 | Serial | 2% | 103.724
|
| $2.35 million | 2020 | Serial | 2% | 102.233
|
| $2,225,000 | 2021 | Serial | 2% | 100.515
|
| $2,025,000 | 2022 | Serial | 2% | 98.458
|
| $2,035,000 | 2023 | Serial | 3% | 105.389
|
| $2.15 million | 2024 | Serial | 3% | 104.393
|
| $2,165,000 | 2025 | Serial | 3% | 102.609
|
| $2,195,000 | 2026 | Serial | 3% | 101.295
|
| $2.21 million | 2027 | Serial | 3% | 100
|
| $2.21 million | 2028 | Serial | 3% | 99.401
|
| $2.22 million | 2029 | Serial | 3% | 98.746
|
| $2.23 million | 2030 | Serial | 3% | 96.883
|
| $2,235,000 | 2031 | Serial | 3% | 96.086
|
| $2,249,000 | 2032 | Serial | 3% | 95.248
|
| $2,168,000 | 2033 | Serial | 3% | 94.511
|
|
|
| $8,152,000 series 2013 bond anticipation notes
|
| Maturity | Type | Coupon | Yield
|
| March 21, 2014 | Term | 1% | 0.47%
|
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