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

Jan. 23 (Bloomberg) -- 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

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