Published on 8/11/2015 in the Prospect News Municipals Daily.
New Issue: New Jersey Educational sells $117.69 million of Kean University bonds
By Sheri Kasprzak
New York, Aug. 11 – The New Jersey Educational Facilities Authority sold $117,695,000 of series 2015H revenue refunding bonds for Kean University, according to a pricing sheet. The offering was upsized from $85 million.
The bonds (A2/A-) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2035 with a term bond due 2039.
Proceeds will be used to refund the university’s series 1991B, 1993G, 1998B, 2003B, 2005B and 2007D revenue bonds.
| Issuer: | New Jersey Educational Facilities Authority/Kean University
|
| Issue: | Series 2015H revenue refunding bonds
|
| Amount: | $117,695,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 27
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,285,000 | 2016 | Serial | 1% | 100.21
|
| $3,445,000 | 2017 | Serial | 5% | 107.062
|
| $6,245,000 | 2018 | Serial | 5% | 109.944
|
| $5.4 million | 2019 | Serial | 5% | 111.912
|
| $3,715,000 | 2020 | Serial | 5% | 113.635
|
| $3.25 million | 2021 | Serial | 5% | 114.625
|
| $3,415,000 | 2022 | Serial | 5% | 115.227
|
| $3,585,000 | 2023 | Serial | 5% | 116.312
|
| $3,765,000 | 2024 | Serial | 5% | 116.87
|
| $3,955,000 | 2025 | Serial | 5% | 117.121
|
| $4,075,000 | 2026 | Serial | 5% | 115.459
|
| $4.28 million | 2027 | Serial | 5% | 114.547
|
| $4.49 million | 2028 | Serial | 5% | 113.825
|
| $4,715,000 | 2029 | Serial | 3.625% | 97.809
|
| $4.88 million | 2030 | Serial | 3.75% | 98.317
|
| $15,825,000 | 2033 | Serial | 4% | 99.616
|
| $5.7 million | 2034 | Serial | 5% | 110.988
|
| $5,985,000 | 2035 | Serial | 5% | 110.639
|
| $26,685,000 | 2039 | Term | 4% | 98.483
|
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