THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY SELLS $83.865 MILLION OF CONSOLIDATED BONDS,
$250 MILLION OF CONSOLIDATED NOTES
Date: Apr 30, 2003
Press Release Number: 57-2003
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, One Hundred Thirtieth Series in the aggregate principal amount of $83,865,000, and Consolidated Notes, Series VV in the aggregate principal amount of $250,000,000. Both the One Hundred Thirtieth Series Bonds and the Series VV 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 Thirtieth Series Bonds, awarded to Morgan Stanley, Dean Witter at a price of $82,262,198, are comprised of bonds due from October 15, 2004, to April 15, 2015, at interest rates ranging from 1.30 to 3.75 percent per annum. The true interest cost to the Port Authority was 3.489 percent, the lowest of the four bids received.
The Series VV Notes, awarded to Citigroup Global Markets, Inc., at a price of $250,035,000, are comprised of a term bond due December 15, 2003, at an interest rate of 1.15 percent per annum. The true interest cost to the Port Authority was 1.128 percent, the lowest of the 12 bids received.
The proceeds of the One Hundred Thirtieth Series Bonds will be used in connection with the refunding of Consolidated Bonds, Eighty-seventh Series on July 15, 2003. The proceeds of the Series VV 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 Investors Service, SP-1+ from Standard & Poor’s Corporation and F1+ from Fitch Ratings, Inc.