Date: Mar 31, 2010
Press Release Number: 18-2010
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, 162nd Series, in the aggregate principal amount of $116.8 million. The 162nd Series bonds were awarded on the basis of the lowest true interest cost of the bids received.
The 162nd Series bonds, awarded to Citigroup Global Markets Inc., at a price of $115,959,241.20, are composed of bonds due from September 15, 2010 to March 15, 2020, at interest rates ranging from 0.35 to 3.30 percent per year. The true interest cost to the Port Authority was 2.386576 percent, the lowest of the six bids received.
The proceeds of the 162nd Series bonds will be used in connection with the refunding of the Port Authority’s Consolidated Bonds, 118th Series, Versatile Structure Obligations Series 3 and Variable Rate Master Note 1998-1.
The bonds received an upgraded Aa2 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc.
Moody’s Investors Service has also upgraded to Aa2 from Aa3 the rating for the Port Authority’s outstanding Consolidated Bonds.
The rating upgrade by Moody's recognizes the Port Authority's strong financial performance and continued efforts to meet the current economic challenges through zero-growth in operating expenses and deferral of certain capital projects. The Port Authority remains a strong, vital force in the region's economy and, despite the recent difficult economic situation, continues to make key investments on infrastructure projects that are critical to the trade and transportation systems of the region.
The Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
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, Stewart International 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; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Port Authority Auto Marine Terminal; 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 and is a partner in the Access to the Region’s Core tunnel project.