Published on 12/4/2012 in the Prospect News Municipals Daily.
New Issue: Bergen County, N.J., sells $51.4 million of general obligation bonds
By Sheri Kasprzak
New York, Dec. 4 - Bergen County, N.J., sold $51.4 million of series 2012 general obligation bonds in two tranches Tuesday, according to a term sheet.
The deal included $45.8 million of series 2012C G.O.s and $5.6 million of series 2012D taxable G.O.s.
The bonds (Aaa) were sold competitively. UBS Financial Services Inc. won the bid for the 2012C bonds with a 1.872582% net interest cost and Raymond James/Morgan Keegan took the series 2012D G.O.s with a 1.689241% NIC.
The 2012C bonds are due 2013 to 2027 with 1% to 2.25% coupons.
The 2012D bonds are due 2013 to 2022 with 0.4% to 2.2% coupons.
Proceeds will be used to finance improvements to county vocational and technical schools, as well as other capital improvements.
| Issuer: | Bergen County, N.J.
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $51.4 million
|
| Type: | Competitive
|
| Underwriters: | UBS Financial Services Inc. (winner for 2012C), Raymond James/Morgan Keegan (winner for 2012D)
|
| Net Interest Cost: | 1.872582% (for 2012C), 1.689241% (for 2012D)
|
| Rating: | Moody's: Aaa
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 12
|
|
|
| $45.8 million series 2012C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.1 million | 2013 | Serial | 1% | 100.725
|
| $2.1 million | 2014 | Serial | 1% | 101.274
|
| $2.8 million | 2015 | Serial | 1% | 101.62
|
| $2.8 million | 2016 | Serial | 1% | 101.566
|
| $3.1 million | 2017 | Serial | 1% | 101.217
|
| $3.1 million | 2018 | Serial | 1% | 100.579
|
| $3.4 million | 2019 | Serial | 2% | 106.022
|
| $3.4 million | 2020 | Serial | 2% | 105.282
|
| $3.6 million | 2021 | Serial | 2% | 104.181
|
| $3.8 million | 2022 | Serial | 2% | 102.277
|
| $3.9 million | 2023 | Serial | 2% | 100
|
| $2.8 million | 2024 | Serial | 2% | 98.632
|
| $2.9 million | 2025 | Serial | 2% | 97.753
|
| $3 million | 2026 | Serial | 2% | 97.017
|
| $3 million | 2027 | Serial | 2.25% | 98.743
|
|
|
| $5.6 million series 2012D taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $400,000 | 2013 | Serial | 0.40% | 100
|
| $400,000 | 2014 | Serial | 0.50% | 100.117
|
| $550,000 | 2015 | Serial | 1% | 100.939
|
| $550,000 | 2016 | Serial | 1% | 100.467
|
| $550,000 | 2017 | Serial | 1% | 99.613
|
| $550,000 | 2018 | Serial | 1.25% | 99.828
|
| $650,000 | 2019 | Serial | 1.85% | 101.974
|
| $650,000 | 2020 | Serial | 2% | 101.478
|
| $650,000 | 2021 | Serial | 2% | 100
|
| $650,000 | 2022 | Serial | 2.2% | 100
|
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