THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY SELLS $500 MILLION OF CONSOLIDATED BONDS
Date: Aug 15, 2007
Press Release Number: 66-2007
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, One Hundred Forty-eighth Series in the aggregate principal amount of $500,000,000. The One Hundred Forty-eighth Series Bonds were awarded on the basis of the lowest true interest cost of the bids received.
The One Hundred Forty-eighth Series Bonds, awarded to Merrill Lynch & Co., at a price of $509,935,117.70, are composed of bonds due from August 15, 2015 to August 15, 2037, at an interest rate of 5.00 percent per annum. The true interest cost to the Port Authority was 4.847304 percent, the lowest of the three bids received.
The proceeds of the One Hundred Forty-eighth Series 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.