New Jersey Educational Facilities Authority

New Jersey Educational Facilities Authority

Success Stories

Caldwell University
Caldwell University

2019 Series A & B

Closed: May 17, 2019

Bond Size: $20,000,000

Final Maturity: June 1, 2044 (2019 Series A) and May 1, 2039 (2019 Series B)

Purpose: Proceeds from the transactions will be used to finance renovations to Mother Joseph Residence Hall, the George R. Newman Center, Werner Hall, Dominican Hall, and Rosary Hall, upgrades to the campus fiber network, upgrades and replacements of technology equipment and other miscellaneous capital improvements to the University’s campus facilities. Additional proceeds from the 2019 transaction will be used to refund Caldwell’s 2013 Series E Bond. The 2019 Series A and Series B Bonds were issued as variable rate bonds.

The William Paterson University of New Jersey
The William Paterson University of New Jersey

Series 2019 A

Closed: May 14, 2019

Bond Size: $5,070,000

True Interest Cost: 3.45%

NPV Savings: $509,597

Final Maturity: July 1, 2038

Purpose: Proceeds from the bond sale will be used to refund the Authority's Series 2008 C Bonds.

Princeton University
Princeton University

2017 Series I

Closed: December 27, 2017

Bond Size: $357,105,000

True Interest Cost: 2.97%

NPV Savings: $54,962,137

Final Maturity: July 1, 2040

Purpose: Proceeds from the 2017 Series I transaction will be used to refund a portion of the Authority’s outstanding 2008 Series J Bonds and 2010 Series B Bonds. The transaction was the largest single transaction in NJEFA history. With looming tax reform legislation in Congress at the end of 2017 that threatened to end issuance of private activity bonds and advance refunding opportunities, the Authority and the University acted quickly to successfully bring this financing –from concept to closing – to market in five weeks.

 

Georgian Court University
Georgian Court University

2017 Series G (Tax-Exempt) & H (Federally Taxable)

Closed: December 21, 2017

Bond Size: $27,420,000

True Interest Cost: 3.95%

NPV Savings: $2,545,070

Final Maturity: July 1, 2037

Purpose: Proceeds from both Series will be used to make various capital improvements and renovations to University buildings and facilities and to advance refund the Authority's outstanding 2007 Series Project D and 2007 Series H Bonds.

Kean University
Kean University

Series 2019 C (Federally Taxable) & D (Tax-Exempt)

Closed: December 14, 2017

Bond Size: $199,885,000

True Interest Cost: 3.60%

NPV Savings: $18,061,977

Final Maturity: September 1, 2039

Purpose: Proceeds from both Series of Bonds will be used for the advance refunding and defeasance of a portion of the Authority's outstanding Series 2009 A Bonds and the Bergen County Improvement Authority's outstanding Series 2010 A Bonds.

Rider University
Rider University

2017 Series F

Closed: November 30, 2017

Bond Size: $41,770,000

True Interest Cost: 4.19%

NPV Savings: $18,061,977

Final Maturity: September 1, 2039

Purpose: Proceeds from the 2017 Series F issues will finance the costs of a 30,000-squarefoot addition to the Science and Technology Center as well as finance the renovation of the following residence halls: Conover Hall; Delta Phi Epsilon Sorority; Kroner Hall; Lake House; Ridge House; Wright Hall. Proceeds will also be used to renovate the following academic facilities: Bart Luedeke Center Theater; Fine Arts Theater; Science and Technology Center; and Sweigart Hall. 

The William Paterson University of New Jersey
The William Paterson University of New Jersey

Series 2017 B

Closed: September 7, 2017

Bond Size: $2,065,000

True Interest Cost: 3.80%

Final Maturity: July 1, 2047

Purpose: Proceeds from the Series 2017 A transaction will be used to construct a new residence hall on The William Paterson of New Jersey's campus. The new five-story, 89,400 square foot building consists of 288 residential beds organized into 72 dwelling units. Amenity spaces are distributed throughout the building with small lounge spaces, study rooms and student support spaces located on each floor.

Seton Hall University
Seton Hall University

2017 Series D (Tax-Exempt) & E (Federally Taxable)

Closed: June 29, 2017

Bond Size: $71,435,000

True Interest Cost: 3.87%

Final Maturity: July 1, 2047

Purpose: Proceeds from the 2017 Series D & E transaction will be used to refund the outstanding 2008 Series D Bonds as well as finance the renovation and equipping of 412,000 sq. ft and 65,000 sq. ft. building to be used for medical and non-medical education, research and clinical administration, and offices. The facility, Hackensack Meridian School of Medicine at Seton Hall University is the first private medical school to open in New Jersey in more than 50 years.

Ramapo College of New Jersey
Ramapo College of New Jersey

Series 2017 A

Closed: April 5, 2017

Bond Size: $99,450,000

True Interest Cost: 3.57%

NPV Savings: $4,021,116

Final Maturity: July 1, 2041

Purpose: Proceeds from the Series 2017 A transaction will be used to finance the renovation and redesign of the George T. Potter Library, which will include the creation of a learning commons where students, faculty and staff can experience an inviting space to learn, study and collaborate. Additional funds from the transaction were used to current refund a portion of the College's Series 2006 I Bonds.

Princeton University
Princeton University

2017 Series B

Closed: April 4, 2017

Bond Size: $342,240,000

True Interest Cost: 2.91%

NPV Savings: $52,965,640

Final Maturity: July 1, 2036

Purpose: Proceeds from the 2017 Series B transaction will be used to refund the Authority’s outstanding 2007 Series E & F Bonds as well as the 2008 Series K Bonds.

Princeton University
Princeton University

2017 Series C

Closed: April 4, 2017

Bond Size: $141,095,000

True Interest Cost: 3.50%

Final Maturity: July 1, 2047

Purpose: Proceeds from the new money bonds will finance the costs of acquiring, constructing, renovating, and installing certain capital assets located on the University’s main campus.

Stevens Institute of Technology
Stevens Institute of Technology

2017 Series A

Closed: May 17, 2019

Bond Size: $20,000,000

Final Maturity: June 1, 2044 (2019 Series A) and May 1, 2039 (2019 Series B)

Purpose: Proceeds from the transactions will be used to finance renovations to Mother Joseph Residence Hall, the George R. Newman Center, Werner Hall, Dominican Hall, and Rosary Hall, upgrades to the campus fiber network, upgrades and replacements of technology equipment and other miscellaneous capital improvements to the University’s campus facilities. Additional proceeds from the 2019 transaction will be used to refund Caldwell’s 2013 Series E Bond. The 2019 Series A and Series B Bonds were issued as variable rate bonds.

Montclair State University
Montclair State University

Series 2016 B

Closed: May 4, 2016

Amount: $118,190,000

True Interest Cost: 2.88%

NPV Savings: $18,337,553

Final Maturity: July 1, 2038

Purpose: Proceeds from the Revenue Refunding Bonds will be used to refund a portion of the outstanding Series 2006 J Bonds.

New Jersey City University
New Jersey City University

Series 2016 D

Closed: June 1, 2016

Amount: $52,075,000

True Interest Cost: 2.89%

NPV Savings: $5,990,447

Final Maturity: July 1, 2035

Purpose:  Proceeds from the Series 2016 D Bonds will be used to advance refund the Series 2008 E Bonds.

Stockton University
Stockton University

Series 2016 A

Closed: July 13, 2016

Bond Size: $202,445,000

True Interest Cost: 3.18%

NPV Savings: $24,571,139

Final Maturity: July 1, 2041

Purpose: Proceeds from the Series 2016 A transaction will be used to equip three buildings, the new Unified Science Center, a new Classroom Building, and the new Quadrangle Project.  Proceeds will also refund the outstanding Series 2006 F Bonds, Series 2007 G Bonds and Series 2008 A Bonds.

Rowan University
Rowan University

Series 2016 C

Closed: July 14, 2016

Amount: $45,300,000

True Interest Cost: 2.13%

NPV Savings: $6,962,589

Final Maturity: July 1, 2031

Purpose: Proceeds from the Series 2016 C transaction will be used to fully refund the outstanding Series 2006 G Bonds and Series 2008 B Bonds.

The William Paterson University of New Jersey
The William Paterson University of New Jersey

Series 2016 E

Closed: August 9, 2016

Amount: $60,755,000

True Interest Cost: 2.88%

NPV Savings: $8,747,602

Final Maturity: July 1, 2038

Purpose: In July 2016, NJEFA priced a $60,755,000 revenue refunding bond transaction on behalf of The William Paterson University of New Jersey. Proceeds from the transaction were used to refund the Authority’s outstanding Series 2008 C Bonds. William Paterson achieved a 2.877% true interest cost and $8.7 million in net present value savings. The transaction closed on August 9, 2016 with a final maturity of July 1, 2038.

The College of New Jersey
The College of New Jersey

Series 2016 F & G

Closed: September 29, 2016

Amount: $193,180,000

True Interest Cost: 3.12%

NPV Savings: $21,608,201

Final Maturity: July 1, 2040

Purpose:  NJEFA closed two series of bonds totaling $193,180,000 on September 29, 2016, on behalf of The College of New Jersey.  The Series 2016 F Tax Exempt Bonds totaling $87,925,000 consisted of an advance refunding of a portion of the Series 2008 D Bonds and a crossover refunding of the Series 2010 B Build America Bonds.   The Series 2016 G Federally Taxable Bonds totaling $105,255,000 refunded a portion of the Series 2008 D Bonds.   At pricing, TCNJ achieved a net present value savings of $21.6 million. The transaction was the first crossover refunding of callable Build America Bonds in the State of New Jersey, and the second known Build America Bond crossover refunding of higher education bonds, nationally.

Princeton University
Princeton University

2016 Series A

Closed: April 5, 2016

Amount: $109,500,000

True Interest Cost: 2.53%

Final Maturity: July 1, 2035

Purpose: Proceeds from the 2016 Series A Bonds will be used to finance the costs of the acquisition, construction, renovation and installation of certain capital assets including the Lewis Center Academic Building, Andlinger Center for Energy and Environment, Dillon Gym, Carl Icahn Laboratory, amongst others.  The bonds also refunded a portion of Princeton’s outstanding Commercial Paper Notes.

Princeton University
Princeton University

2016 Series B

Closed: April 5, 2016

Amount: $117,820,000

True Interest Cost: 1.77%

NPV Savings: $30,853,072

Final Maturity: July 1, 2027

Purpose: Proceeds from the 2016 Series B Bonds will be used to finance the refunding of the outstanding 2006 Series D Bonds and the 2006 Series E Bonds.

Seton Hall University
Seton Hall University

2016 Series C

Closed: September 15, 2016

Amount: $36,265,000

True Interest Cost: 3.20%

Final Maturity: July 1, 2046

Purpose: Proceeds from the transaction will be used to finance the construction and equipping of a new 46,000 square foot, three-story Welcome Center and renovations to the Bishop Dougherty University.

Higher Education Capital Improvement Fund (CIF)
Higher Education Capital Improvement Fund (CIF)

CIF Series 2016 A

Closed: July 26, 2016

Amount: $252,700,000

True Interest Cost: 2.84%

NPV Savings: $12,461,835

Final Maturity: September 1, 2024

Purpose:  In conjunction with the State Treasurer’s Office, NJEFA entered into a tax-exempt term loan agreement to finance the refunding of a portion of the CIF Series 2005 A Bonds and CIF Series 2006 A Bonds.  The refunding produced net present value savings to the State and participating institutions of over $12.4 million.   The transaction closed on July 26, 2016 and has a final maturity of September 1, 2024.

Higher Education Capital Improvement Fund (CIF)
Higher Education Capital Improvement Fund (CIF)

CIF Series 2016 B

Closed: December 20, 2016

Amount: $142,715,000

True Interest Cost: 4.73%

Final Maturity: September 1, 2036

Purpose: NJEFA completed a $142,715,000 new money transaction for the CIF Program.  The proceeds were used to make grants to 23 public and private institutions of higher education in the State for the purpose of paying the costs, or a portion of the costs, of certain capital improvements authorized in accordance with the Capital Improvement Fund Act.  The bonds have a true interest cost of 4.73% and a final maturity of September 1, 2036.

New Jersey City University
New Jersey City University

Series 2015 A

Closed: January 28, 2015

Bond Size: $35,340,000

True Interest Cost: 3.93%

Final Maturity: July 1, 2045

Purpose: The proceeds from this issuance were used to finance the refunding of a portion of the Series 2002 A Bonds and the Series 2008 E Bonds; the renvoation of the existing Science Building and the construction of an addition thereto; the construction, equipping, redesign and renovation of the Margaret Williams Theater; HVAC improvements to the John J. Moore Athletics and Fitness Center; the captial fit-out of certain leased facilities for the School of Business; and the construction of Stegman Boulevard.

The William Paterson University
The William Paterson University

Series 2015 C

Closed: August 18, 2015

Bond Size: $45,695,000

True Interest Cost: 3.54%

NPV Savings: $2,173,380

Final Maturity: July 1, 2040

Purpose: The proceeds from this issuance were used to refund the Authority's outstanding Series 2005 E Bonds and to finance improvements to the University's Hunziker Hall and Hunziker Wing Buildings

 

Ramapo College of New Jersey
Ramapo College of New Jersey

Series 2015 B

Closed: May 19, 2015

Bond Size: $45,180,000

True Interest Cost: 3.58%

Final Maturity: July 1, 2040

Purpose: The proceeds from this issuance were used to finance a the advance refunding of all or a portion of the Authority's Series 2006 D Bonds and new money for improvements to the Student Center.

 

Princeton University
Princeton University

2015 Series D

Closed: May 15, 2015

Bond Size: $150,000,000

True Interest Cost: 3.40%

Final Maturity: July 1, 2045

Purpose: The proceeds from this issuance were used to finance major maintenance and renovation projects on several buildings particularly dormitories and the construction of certain academic, athletic, residential and administrative facilities on the University's main campus. Among these projects are the Economics and International Building, Lewis Center Academic Building, Firestone Library renovations, and others.

 


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