THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY SELLS
$250 MILLION OF CONSOLIDATED NOTES
Date: Jan 22, 2003
Press Release Number: 5-2003
Port Authority Chairman Jack G. Sinagra announced today the competitive sale of Consolidated Notes, Series UU in the aggregate principal amount of $250,000,000. The UU Notes were awarded on the basis of the lowest true interest cost of the bids received.
The UU Notes, awarded to Goldman, Sachs & Co., at a price of $251,647,500, are comprised of a term note due October 15, 2003, at an interest rate of 2 percent per annum. The true interest cost to the Port Authority was 1.042 percent, the lowest of the ten bids received. This sale is the first Port Authority debt instrument sold through electronic bidding rather than acceptance of sealed bids.
The proceeds of the UU 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 notes received a MIG 1 rating from Moody’s Investors Service, SP-1+ from Standard & Poor’s Corporation and F1+ from Fitch Ratings, Inc.