Breaking News

Citic Pacific to Acquire Parent's Assets for 226.9 Billion Yuan
Tweet TWEET

N.J. Economic Development Agency Sells $2.2 Billion in Bonds

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 tdopp@bloomberg.net

To contact the editor responsible for this story: William Glasgall at wglasgall@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.