Kean University (NJ)

CUSIP: 646065ZU9

NAME: Kean University (NJ)

COUPON: 5.25%

MATURITY: 9/1/2029

BONDHOLDER SECURITY: a general obligation of the University payable from any legally available funds of the University. The university defines its legally available funds as all funds, including state appropriations not designated for a specific purpose. Although state appropriations are not specifically pledged to bondholders, they are part of the pool of resources available to pay debt.

USE OF BOND PROCEEDS: to refund all of the Authority’s outstanding Revenue Refunding Bonds, Kean University Issue, Series 2007E, and to pay for the costs of issuance.

RATINGS: A2 (Moody’s)/ A- (S&P)

OBLIGOR PROFILE: Kean University is a coeducational regional university located in Union, NJ, less than an hour from New York City.  It is the 4th largest public university among the 12 in NJ.  It offers 49 undergraduate, 32 master’s and 3 doctoral programs. Enrollment is stable.

(Source:  Official Statement dated June 18, 2009; S&P Bond Report dated August 5, 2015)

 

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