THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY ANNOUNCES SALE OF $400 MILLION OF CONSOLIDATED BONDS

Date: Jul 21, 2010
Press Release Number: 50-2010

Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, 163rd Series, in the aggregate principal amount of $400 million.  The 163rd Series bonds were awarded on the basis of the lowest true interest cost of the bids received.

The 163rd Series bonds, awarded to Citigroup Global Markets Inc., at a price of $418,056,693.15, are composed of bonds due from July 15, 2017 to July 15, 2040 at interest rates ranging from 2.50 to 5 percent per year.  The true interest cost to the Port Authority was 4.468363 percent, the lowest of the seven bids received.   

The proceeds of the 163rd Series bonds will be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority and also may be used for refunding obligations of the Port Authority.   

The bonds received an Aa2 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc.

CONTACT:  
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; 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.