Press Release Article


PORT AUTHORITY ANNOUNCES SALE OF $400 MILLION OF CONSOLIDATED BONDS

Date: Oct 28, 2011
Press Release Number: 130-2011

Port Authority Chairman David Samson announced today the competitive sale of Consolidated Bonds, 169th Series, in the aggregate principal amount of $400 million. The 169th Series Bonds were awarded on the basis of the lowest true interest cost of the bids received.

The 169th Series bonds, awarded to J.P. Morgan Securities LLC, at a price of $427,246,377.60, are composed of bonds due from October 15, 2012 to October 15, 2041, at interest rates ranging from 3 to 5 percent per year. The true interest cost to the Port Authority was 4.256853 percent, the lowest of the seven bids received.

The proceeds of the 169th Series bonds shall be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority and for refunding of certain Port Authority obligations.

CONTACT:

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 Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine 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 self-sufficient and receives no tax revenues from either state.


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