to top
  • COVID-19 Information
COVID-19 is still active. Stay up to date on vaccine information. Visit:
COVID19 Alert NJDownload free COVID Alert app.

Department of the Treasury

For Immediate Release:
April 29, 2021
Media Contact:
Jennifer Sciortino
(609) 789-8647

Treasury: Latest Refinancing Brings Total Savings under the Murphy Administration to Over $1 Billion

TRENTON — The Department of the Treasury conducted the successful refinancing of previously issued Transportation Trust Fund Authority (TTFA) bonds this week, bringing the total savings secured for New Jersey taxpayers under the Murphy Administration to just over $1 billion.

“This week’s transaction was an impressive win for the State and its taxpayers and a strong market affirmation of New Jersey’s credit,” said State Treasurer Elizabeth Maher Muoio. “This is a testament to the dedicated professionals at Treasury’s Division of Public Finance who have successfully spearheaded a strategic effort to identify numerous opportunities to save the taxpayers of this state a substantial amount of money.”

This week’s refinancing of TTFA bonds yielded a present value savings of $384 million, bringing the total net present value savings secured through strategic debt refinancing since January of 2018 to $1.06 billion.

Three tranches of previously issued TTFA bonds, totaling $1.47 billion, which were initially issued in 2011 and 2012, were refinanced Wednesday at a True Interest Cost of 2.59%, yielding $384.1 million in savings. The final maturity of the bonds is June 2042.

Additionally, Treasury was able to successfully remarket approximately $147.5 million in TTFA floating rate bonds, originally issued by the Authority in 2014, into a very low fixed-rate bond of just over 2.0%. The notes will still mature by 2034.

Both transactions were accomplished without extending the final maturity of any bonds or notes.

Citigroup Global Markets served as Senior Managing Underwriter on both transactions.


Last Updated: Thursday, 05/13/21