Acacia Financial Group will assist New Jersey on restructuring New Jersey Sports and Exposition Authority bonds to reduce debt-service costs in fiscal 2012.
State officials are looking to reduce debt service costs on the NJSEA debt by $75 million in fiscal 2012, according to the request for proposals issued in late March.
The authority’s bonds are state contract debt and are paid down from New Jersey’s general fund.
State law stipulates that debt restructurings must include positive net-present-value savings.
“Acacia will help the state find the best way to restructure the debt to take advantage of current, low interest rates,” according to an e-mail from Andrew Pratt, spokesman for the state’s Treasury Department.
Republican Gov. Chris Christie’s fiscal 2012 budget proposal includes a total of $120 million of debt service savings by postponing those costs to future years.
