Date: Jan 18, 2012
Press Release Number: 4-2012
Port Authority Chairman David Samson announced today the competitive sale of Consolidated Bonds, 171st Series, in the aggregate principal amount of $400 million. The 171st Series bonds were awarded on the basis of the lowest true interest cost of the bids received.
The 171st Series bonds, awarded to J.P. Morgan Securities LLC, at a price of $416,326,710.65, are composed of bonds due from July 15, 2030 to January 15, 2042, at interest rates ranging from 4 to 5 percent per year. The true interest cost to the Port Authority was 3.857499 percent, the lowest of the seven bids received.
The proceeds of the 171st 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.
The bonds received an Aa2 rating from Moody’s Investor Service, AA- from Standard and Poor’s Corporation, and AA- from Fitch Ratings Inc.
The market reception for the sale continues to reflect investor confidence in the Port Authority’s financial strength.
Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
The Port Authority of New York and New Jersey, which does not receive tax dollars from either state, 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.