Date: Jan 27, 2011
Press Release Number: 2-2011
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, 166th Series, in the aggregate principal amount of $300 million. The 166th Series bonds were awarded on the basis of the lowest true interest cost of the bids received.
The 166th Series bonds, awarded to J.P. Morgan Securities LLC, at a price of $295,026,782.60, are composed of bonds due from July 15, 2030 to January 15, 2041, at interest rates ranging from 5.00 to 5.25 percent per year. The true interest cost to the Port Authority was 5.191258 percent, the lowest of the eight bids received.
The proceeds of the 166th Series bonds will be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority, and may also be used to refund 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.
The market reception for this sale continues to reflect investor confidence in the Port Authority’s financial strength.
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 Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey 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. The Port Authority is self-sufficient and receives no tax revenues from either state.