THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY SELLS $300 MILLION OF CONSOLIDATED BONDS AND
$200 MILLION OF CONSOLIDATED NOTES
Date: Apr 17, 2002
Press Release Number: 40-2002
Port Authority Chairman Jack G. Sinagra announced today the sale of Consolidated Bonds, One Hundred Twenty-fifth Series in the aggregate principal amount of $300,000,000 and Consolidated Notes, Series TT in the aggregate principal amount of $200,000,000. Both the One Hundred Twenty-fifth Series bonds and the Series TT notes were awarded on the basis of the lowest true interest cost of the bids received for each of the respective series.
The One Hundred Twenty-fifth Series Bonds, awarded to Salomon Smith Barney at a price of $290,498,029, are composed of bonds due from October 15, 2018 to April 15, 2032, at an interest rate of 5.00 percent per annum for each maturity. The true interest cost to the Port Authority bid by Salomon Smith Barney was 5.234 percent, the lowest of the four bids received.
The Series TT Notes, also awarded to Salomon Smith Barney at a price of $203,864,000, are composed of notes due on April 15, 2004, at an interest rate of 3.625 percent per annum. The true interest cost to the Port Authority bid by Salomon Smith Barney was 2.627 percent, the lowest of the six bids received.
The proceeds of both series of bonds and notes will be allocated, as appropriate 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 A1 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc. The notes received a MIG-1 rating from Moody’s, SP-1+ from Standard & Poor’s and a F-1+ from Fitch Ratings, Inc.