NEWS

105-99: FOR IMMEDIATE RELEASE , September 22, 1999

PORT AUTHORITY ANNOUNCES SALE OF $400 MILLION IN CONSOLIDATED BONDS


Port Authority Chairman Lewis M. Eisenberg announced today the sale of Consolidated Bonds, 118th Series in the aggregate principal amount of $100 million and Consolidated Bonds, 119th Series in the aggregate principal amount of $300 million. Both the 118th Series Bonds and the 119th Series Bonds were awarded on the basis of the lowest true interest cost of the four bids received for each of the respective series.

The 118th Series Bonds was awarded to a group of underwriters led by Merrill Lynch & Co. at a price of $98,336,565. The series is comprised of bonds due from September 15, 2000 to September 15, 2014, at interest rates ranging from a low of 3.75 percent to a high of 5.35 percent per annum. The true interest cost to the Port Authority is 5.14 percent. The proceeds of the bonds will be allocated in connection with the refunding on November 1, 1999, of $100 million in total aggregate principal amount of Consolidated Bonds, 52nd Series.

The 119th Series Bonds, awarded to a group of underwriters led by J.P. Morgan Securities Inc. at a price of $295,415,989, are comprised of bonds due from September 15, 2000 to September 15, 2019, at interest rates ranging from a low of 4.5 percent to a high of 5.875 percent per annum. The true interest cost to the Port Authority is 5.61 percent. The proceeds of the bonds will be allocated to capital projects in connection with facilities of the Port Authority and may also be used for refunding obligations of the Port Authority.

The bonds received an AA- rating from Standard and Poor’s Corporation, an AA- rating from Fitch IBCA, Inc., and an A1 rating from Moody’s Investors Service.

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