Date: Jun 26, 2002
Press Release Number: 71-2002
Port Authority Chairman Jack G. Sinagra announced today the competitive sale of Consolidated Bonds, One Hundred Twenty-seventh Series, in the aggregate principal amount of $300,000,000. The One Hundred Twenty-seventh Series Bonds were awarded on the basis of the lowest true interest cost of the bids received.
The One Hundred Twenty-seventh Series Bonds, awarded to Morgan Stanley & Co., Inc., at a price of $304,453,295, are comprised of bonds due from December 15, 2003 to June 15, 2037, at interest rates ranging from 4 percent to 5.50 percent per annum for each maturity. The true interest cost to the Port Authority was 5.056 percent, the lowest of the four bids received.
The proceeds of the bonds 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.