New Jersey today will begin a one-day retail order period on a $197.5 million transaction to refinance variable-rate debt insured by MBIA Insurance Corp. into fixed-rate bonds.

The deal will refinance New Jersey Sports and Exposition Authority state contract bonds, which are secured by annual appropriations from the general fund. The sale includes a current refunding of 1992 Series C variable-rate tax-exempt bonds for $162.3 million and an advance refunding of 2000 Series A taxable bonds for $31.2 million.

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