New Jersey Educational Facilities Authority

New Jersey Educational Facilities Authority

Success Stories

Caldwell University
Caldwell University

Series: 2019 Series A & B

Closed: May 17, 2019

Bond Size: $20,000,000

True Interest Cost: 3.73%

Final Maturity: May 1, 2044

Purpose: On Friday, May 17, NJEFA issued its 2019 Series A Revenue Refunding Bond & 2019 Series B Revenue Bond in the amount of $20,000,000 on behalf of Caldwell University. 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 Bonds yielded a true interest cost of 3.73% and the 2019 Series B Bonds were issued as variable rate bonds.

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

Bond Series: Series 2019 A

Closed: May 14, 2019

Bond Size: $5,070,000

True Interest Cost: 3.45%

Final Maturity: July 1, 2038

Purpose: On Tuesday, May 14, NJEFA issued its Series 2019 A Revenue Refunding Bonds in the amount of $5,070,000 on behalf of William Paterson University of New Jersey. Proceeds from the bond sale will refund WPU’s outstanding Series 2008 C Bonds

Princeton University
Princeton University

Bond Series: 2017 Series B

Closed: April 4, 2017

Bond Size: $342,240,000

Credit Rating: Moody’s: Aaa; S&P’s: AAA

Underwriter: Goldman, Sachs & Co.

True Interest Cost: 2.910%

Final Maturity: July 1, 2036

Purpose: In the spring of 2017 the Authority completed a $342,240,000 refunding transaction on behalf of Princeton University. 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. The deal yielded a true interest cost of 2.910% and $52.9 million in net present value savings. The deal closed on April 4, 2017 with a final maturity of July 1, 2036.

Princeton University
Princeton University

Bond Series: 2017 Series C

Closed: April 4, 2017

Bond Size: $141,095,000

Credit Rating: Moody’s: Aaa; S&P’s: AAA

Underwriter: Morgan Stanley & Co. LLC

True Interest Cost: 3.504%

Final Maturity: July 1, 2047

Purpose: On March 7, 2017, the New Jersey Education Facilities Authority sold $141,095,000 of tax-exempt bonds, on behalf of Princeton University. The new money bonds will finance the costs of acquiring, constructing, renovating, and installing certain capital assets located on the University’s main campus. At pricing the University achieved a true interest cost of 3.504%. The Bond sale was closed on April 4, 2017 and will reach maturity July 1, 2047.

Stevens Institute of Technology
Stevens Institute of Technology

Bond Series: 2017 Series A

Closed: April 4, 2017

Bond Size: $119,905,000

Credit Rating: S&P’s: A-

Underwriter: Barclays Capital Inc.

True Interest Cost: 3.976%

Final Maturity: July 1, 2047

Purpose: On February 28, 2017 the Authority priced an $119,905,000 bond transaction on behalf of Stevens Institute of Technology. The revenue refunding bonds had a new money and refunding component. Proceeds will be used to refund the Authority’s outstanding 1998 Series I and 2007 Series A Bonds as well as construct the Gianforte Academic Center and an addition to the Babbio Garage. During pricing the finance teams achieved a true interest cost of 3.976% and a net present value savings of $7.3 million. This transaction closed on April 4, 2017 and has a final maturity of July 1, 2047.

Ramapo College
Ramapo College

Bond Series: Series 2017 A

Closed: April 5, 2017

Bond Size: $99,450,000

Credit Rating: Moody’s: A2; S&P: A

Underwriter: Morgan Stanley & CO. LLC

True Interest Cost: 3.559%

Final Maturity: July 1, 2042

Purpose: On February 28, 2017 the NJEFA priced a $99,450,000 bond transaction on behalf of Ramapo College. Funds from the Series 2017 A transaction will be used to refund the outstanding Series 2006 I Bonds as well as finance the renovation and expansion of the George T. Potter Library, and the Learning Center Addition Project. During pricing the finance team achieved a true interest cost of 3.559% and $4 million in net present value savings. The transaction closed April 5, 2016 and has a final maturity of July 1, 2042.

Seton Hall University
Seton Hall University

Bond Series: 2017 Series D & E

Closed: June 26, 2017

Bond Size: $71,435,000

Credit Rating: Moody’s: A3; S&P’s: A-

Underwriter: Bank of America Merrill Lynch

True Interest Cost: 3.874%

Final Maturity: July 1, 2047

Purpose: In June 2017, the NJEFA priced a $71,435,000 revenue refunding bond transaction on behalf of Seton Hall University. Proceeds from the transaction will be used to refund the Authority’s outstanding 2008 Series D Bonds as well as finance the renovation and equipping of a 412,000 sq. ft. and a 65,000 sq. ft. building to be used for medial and non-medical education, research, clinical administration and offices. During the transaction Authority staff and finance professionals achieved a 3.874% true interest cost. The transaction closed June 26, 2017 and has a final maturity of July 1, 2047.

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

Bond Series: Series 2017 B

Closed: April 4, 2017

Bond Size: $342,240,000

Credit Rating: Moody’s: Aaa; S&P’s: AAA

Underwriter: Goldman, Sachs & Co.

True Interest Cost: 2.910%

Final Maturity: July 1, 2036

Purpose: In the spring of 2017 the Authority completed a $342,240,000 refunding transaction on behalf of Princeton University. 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. The deal yielded a true interest cost of 2.910% and $52.9 million in net present value savings. The deal closed on April 4, 2017 with a final maturity of July 1, 2036.

Montclair State University
Montclair State University

Bond Series: Series 2016 B

Closed: May 4, 2016

Amount: $118,190,000

Credit Rating: Moody’s A1; Fitch: AA-

Underwriter: Barclays Capital Inc.

True Interest Cost: 2.875%

Final Maturity: July 1, 2038

Purpose: In the spring of 2016 NJEFA completed an $118,190,000 refunding transaction on behalf of Montclair State University. The Revenue Refunding Bonds were used to refund a portion of the outstanding Series 2008 J Bonds. The deal yielded a true interest cost of 2.875% and $18.3 million in net present value savings. The deal closed on May 4, 2016 with a final maturity of July 1, 2038.

New Jersey City University
New Jersey City University

Issue: Series 2016 D

Closed: June 1, 2016

Amount: $52,075,000

Credit Rating: Moody’s: A3; Fitch: A-

Underwriter: Morgan Stanley & Co. LLC

True Interest Cost: 2.886%

Final Maturity: July 1, 2035

Purpose:  On June 1, 2016, NJEFA issued $52,075,000 revenue refunding bonds, on behalf of New Jersey City University. The proceeds of the Series 2016 D Bonds were used to advance refund the Series 2008 E Bonds.  NJCU achieved a true interest cost of 2.886% and captured $6.0 million of net present value savings or 11.5% of refunded par. The transaction has a final maturity date of July 1, 2035.

Stockton University
Stockton University

Issue: Series 2016 A

Closed: July 13, 2016

Bond Size: $202,445,000

Credit Rating: Moody’s: Baa1; Fitch: A

Underwriter: J.P. Morgan Securities LLC

True Interest Cost: 3.175%

Final Maturity: July 1, 2041

Purpose: On July 13, 2016, the NJEFA closed a $202,445,000 bond transaction on behalf of Stockton University.  The proceeds were used to equip three buildings, the new Unified Science Center, a new Classroom Building, and the new Quadrangle Project.  The proceeds also refund the outstanding Series 2007 G Bonds and Series 2008 A Bonds.  Stockton University achieved a true interest cost of 3.175% and net present value savings of $24.5 million.  This transaction has a final maturity of July 1, 2041.

Rowan University
Rowan University

Issue: Series 2016 C

Closed: July 14, 2016

Amount: $45,300,000

Credit Rating: Moody’s: A2; S&P: AA

Underwriter: Citigroup Global Markets Inc.

True Interest Cost: 2.129%

Final Maturity: July 1, 2031

Purpose: In June 2016, NJEFA issued $45,300,000 revenue bonds on behalf of Rowan University. Funds from the Series 2016 C transaction were used to fully refund the outstanding Series 2006 G Bonds and Series 2008 B Bonds. The University achieved a true interest cost of 2.129% and $6.9 million in net present value savings. The transaction closed July 14, 2016 and has a final maturity of July 1, 2031.

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

Issue: Series 2016 E

Closed: August 9, 2016

Amount: $60,755,000

Credit Rating: Moody’s: A2; Fitch: A+

Underwriter: Citigroup Global Markets Inc.

True Interest Cost: 2.877%

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

Issue: Series 2016 F & G

Closed: September 29, 2016

Amount: $193,180,000

Credit Rating: Moody’s: A2; S&P: A; Fitch: AA-

Underwriter: Morgan Stanley & Co. LLC

True Interest Cost: 3.121%

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. TCNJ achieved a true interest cost of 3.121% for the entire financing and the Bonds had a final maturity of July 1, 2040.

Princeton University
Princeton University

Issue: Series 2016 A

Closed: April 5, 2016

Amount: $109,500,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Citigroup Global Markets Inc.

True Interest Cost: 2.525%

Final Maturity: July 1, 2035

Purpose: On April 5, 2016 the New Jersey Educational Facilities Authority closed a $109,500,000 transaction on behalf of Princeton University.  The bonds were sold competitively on March 9, 2016 with a winning bid of 2.53%.  The proceeds of the 2016 Series A Bonds were 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. The 2016 Series A Bonds were issued at fixed rates with a final maturity of July 1, 2035.

Princeton University
Princeton University

Issue: Series 2016 B

Closed: April 5, 2016

Amount: $117,820,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Goldman, Sachs & Co.

True Interest Cost: 1.768%

Final Maturity: July 1, 2027

Purpose: NJEFA issued $117,820,000 of revenue refunding bonds on behalf of Princeton University in April of 2016.  Princeton used the proceeds of the 2016 Series B Bonds to finance the current refunding and defeasance of all of the outstanding 2006 Series E Bonds.  P Princeton achieved 30.8 million in net present value savings.  The 2016 Series B Bonds were issued at fixed rates with a true interest cost of 1.768% and a final maturity of July 1, 2027.  Princeton achieved 30.8 million in net present value savings. 

Seton Hall University
Seton Hall University

Issue: Series 2016 C

Closed: September 15, 2016

Amount: $36,265,000

Credit Rating: Moody’s: A3; S&P: A-

Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated

True Interest Cost: 3.198%

Final Maturity: July 1, 2046

Purpose: The Authority completed a $36,265,000 new money financing on behalf of Seton Hall University on September 15, 2016.  Proceeds from the transaction were 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 Center.  The Bonds have a true interest cost of 3.19% and a final maturity of July 1, 2046.

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

Issue: CIF Series 2016 A

Closed: July 26, 2016

Amount: $252,270,000

Credit Rating:

Underwriter:

True Interest Cost: 2.84%

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)

Issue: CIF Series 2016 B

Closed: December 20, 2016

Amount: $142,715,000

Credit Rating: Moody’s: A3; S&P: A-

Underwriter: J.P. Morgan

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

Bond Series: 2015 Series A

Closed: May 15, 2015

Bond Size: $150,000,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Merrill Lynch; Pierce, Fenner & Smith Incorporated

True Interest Cost: 3.40%

Final Maturity: 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 Universitys main campus. Among these projects are the Economics and International Building, Lewis Center Academic Building, Firestone Library renovations, and others. Link

Project Benefit: TBD

Economic Benefits: TBD

The William Paterson University
The William Paterson University

Bond Series: 2015 Series C

Closed: May 15, 2015

Bond Size: $150,000,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Merrill Lynch; Pierce, Fenner & Smith Incorporated

True Interest Cost: 3.40%

Final Maturity: 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 Universitys main campus. Among these projects are the Economics and International Building, Lewis Center Academic Building, Firestone Library renovations, and others.

Project Benefit: TBD

Economic Benefits: TBD

Ramapo College of New Jersey
Ramapo College of New Jersey

Bond Series: 2015 Series B

Closed: May 15, 2015

Bond Size: $150,000,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Merrill Lynch; Pierce, Fenner & Smith Incorporated

True Interest Cost: 3.40%

Final Maturity: 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 Universitys main campus. Among these projects are the Economics and International Building, Lewis Center Academic Building, Firestone Library renovations, and others.

Project Benefit: TBD

Economic Benefits: TBD

Princeton University
Princeton University

Bond Series: 2015 Series D

Closed: May 15, 2015

Bond Size: $150,000,000

Credit Rating: Moody’s: Aaa; S&P: AAA

Underwriter: Merrill Lynch; Pierce, Fenner & Smith Incorporated

True Interest Cost: 3.40%

Final Maturity: 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 Universitys main campus. Among these projects are the Economics and International Building, Lewis Center Academic Building, Firestone Library renovations, and others.

Project Benefit: TBD

Economic Benefits: TBD


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