New Jersey’s Economic Development Authority sold $2.2 billion in bonds today, William Quinn, a spokesman for the state Treasury Department, said in a telephone interview.
The state “hit all its targets” of terminating $750 million in interest-rate swaps, refunding variable-rate debt and refinancing state obligations, Quinn said. The deal was priced to yield from 0.53 percentage point to 0.8 percentage point more than a benchmark index.
The offer was oversubscribed, and the present-value savings of $65 million that it generated exceeded estimates by $20 million, he said. The refunding won’t extend maturities of any debt, and it was sold at a true interest cost of 2.9 percent, he said.
To contact the reporter on this story: Terrence Dopp in Trenton at firstname.lastname@example.org
To contact the editor responsible for this story: William Glasgall at email@example.com