Date: May 06, 2009
Press Release Number: 53-2009
Port Authority Chairman Anthony R. Coscia today announced the competitive sale of Consolidated Bonds, 156th Series, in the aggregate principal amount of $100 million. The 156th Series Bonds were awarded on the basis of the lowest true interest cost of the bids received.
The 156th Series Bonds, awarded to Merrill Lynch & Co., at a price of $98,245,920.45, are composed of bonds due from November 1, 2025 to May 1, 2039, at interest rates ranging from 4 to 5 percent per year. The true interest cost to the Port Authority was 4.792596 percent, the lowest of the nine bids received.
The Port Authority's ability to sell bonds competitively in the current economic climate demonstrates both greater activity in the credit markets for municipal bonds as well as the agency's continued financial health. The Port Authority said that it would continue to aggressively manage its operating budget and capital plan to help meet difficult economic and market conditions. The agency also affirmed that it plans a continued strategy of smaller and more frequent bond issues similar to today's sale.
The proceeds of the 156th Series Bonds will be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority.
The bonds received an Aa3 rating from Moody's Investors Service, AA- from Standard & Poor's Corporation and AA- from Fitch Ratings, Inc.
The Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Port Authority Auto Marine Terminal; the Brooklyn Piers/Red Hook Container Terminal; the Greenville Yard-Port Authority Marine Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan and is a partner in the Access to the Region's Core tunnel project.