THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY SELLS $350 MILLION OF CONSOLIDATED BONDS
Date: Jan 17, 2001
Press Release Number: 5-2001
Port Authority Chairman Lewis M. Eisenberg announced today the competitive sale of Consolidated Bonds, One Hundred Twenty-second Series in the aggregate principal amount of $250,000,000 and Consolidated Bonds, One Hundred Twenty-third Series in the aggregate principal amount of $100,000,000.
Both the One Hundred Twenty-second Series Bonds and One Hundred Twenty-third Series bonds 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-second Series Bonds, awarded to Lehman Brothers at a price of $253,199,724, are comprised of bonds due from July 15, 2002 to January 15, 2036, at interest rates ranging from 5 percent to 5.5 percent per annum. The true interest cost to the Port Authority is 5.06 percent.
The One Hundred Twenty-third Series Bonds, awarded to Lehman Brothers at a price of $97,499,515, are comprised of bonds due from July 15, 2017 to January 15, 2036, at interest rates ranging from 4.75 percent to 5 percent per annum. The true interest cost to the Port Authority is 5.17 percent.
The proceeds of both series of 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 AA- rating from Standard & Poor\'s Corporation, an AA- rating from Fitch, Inc. and an A1 rating from Moody\'s Investors Service.