Press Release Article


Date: Sep 27, 2011
Press Release Number: 119-2011

Port Authority Chairman David Samson announced today the successful completion of the negotiated sale of Consolidated Bonds, 168th Series, in the aggregate principal amount of $1 billion. Interest on the bonds is subject to Federal taxation. The closing of the sale of the bonds will take place on or about October 6, 2011.

The 168th Series bonds, which will mature on October 1, 2051, were priced at par at 1.85 percent over the 30-year Treasury rate, providing an interest rate on the bonds of 4.926 percent.

The underwriting syndicate for the bonds was led by Citigroup Global Markets Inc., and included BB&T Capital Markets, BofA Merrill Lynch, Drexel Hamilton, LLC, Jackson Securities, J.P. Morgan, Lebenthal & Co., LLC, Morgan Stanley, Rice Financial Products Company and The Williams Capital Group, L.P. Approximately 17 percent of the sales credit for the bonds was allocated to firms in the underwriting syndicate that qualify as either MBE or WBE entities.

There were more than $1.249 billion in orders for the bonds from 60 different institutional investors. International investors generated $135 million worth of orders.

The proceeds of the bonds are authorized to be allocated for purposes of capital expenditures in connection with One World Trade Center, the retail components of the World Trade Center site and other World Trade Center sitewide infrastructure.

The bonds received an Aa2 rating from Moody’s Investors Service, AA- from Standard & Poors 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, which is self-sufficient and does not receive tax dollars from either state, 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.