Date: Aug 09, 2006
Press Release Number: 52-2006
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Notes, Series YY, in the aggregate principal amount of $150 million. The Series YY Notes were awarded on the basis of the lowest true interest cost of the bids received.
The Series YY Notes, awarded to Citigroup Global Markets Inc., at a price of $150,016,500, are comprised of a term note due on August 15, 2007, at an interest rate of 5.50 percent per annum. The true interest cost to the Port Authority was 5.361397 percent, the lowest of the eight bids received.
The proceeds of the notes will be allocated in connection with the refunding, on September 15, 2006, of the Port Authority’s Consolidated Notes, Series WW. The Series YY Notes are subject to federal taxation.
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.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.