By Chris Wack
The Montclair State University in New Jersey plans to sell $66.1 million of general obligation bonds to finance the capital renewal and replacement of various campus-wide projects.
Proceeds from the Series 2025 A will be also used to pay the cost of refunding all or a portion of the Montclair State University Issue Series 2015 D revenue refunding bonds, sold on the school's behalf by the New Jersey Educational Facilities Authority, according to a document posted Thursday on MuniOS.
Pricing is scheduled for June 12 and closing is expected on July 2.
Interest on the bonds will be payable starting Jan. 1 and again on July 1. The securities will mature from July 2026 to July 2042.
The Series 2025 A bonds are direct and general obligations of the university, backed by a pledge of the school's full faith and credit for the payment of principal and interest.
Proceeds will be used for projects such as certain exterior building renovations, interior renovations, safety enhancements and fleet replenishment.
Montclair State University is a public research institution, with a total enrollment of 21,397 for the academic year 2024-2025. Enrollment includes undergraduate and graduate students.
Moody's assigned an A2 rating to the bonds.
Goldman Sachs is the lead underwriter for the sale.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 06, 2025 12:40 ET (16:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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