Press Release Article


Date: Sep 27, 2012
Press Release Number: 133-2012

Port Authority Chairman David Samson announced today the successful completion of the negotiated sale of Consolidated Bonds, 174th Series, in the aggregate principal amount of $2 billion. Interest on the bonds is subject to federal taxation. These bonds will have a 50-year final maturity. The closing of the sale of the bonds will take place on or about October 10, 2012.

The 174th Series bonds, which will mature on October 1, 2062, were priced at par at 1.65 percent over the 30-year Treasury rate, providing an interest rate on the bonds of 4.458 percent.

The underwriting syndicate for the bonds was led by RBC Capital Markets and included BofA Merrill Lynch, Barclays, Citigroup, Drexel Hamilton, Rice Financial Products Company, M.R. Beal & Company, Siebert Brandford Shank & Co., L.L.C., Ramirez and Co., Inc., and The Williams Capital Group L.P. Approximately 18 percent of the sales credit for the bonds was allocated to firms in the underwriting syndicate that qualify as either MBE or WBE entities.

The proceeds of the bonds are presently expected to be allocated to the Port Authority’s capital expenditures in connection with the redevelopment of the World Trade Center site, including the refunding of certain currently outstanding obligations issued for such purposes, commencing in the fourth quarter of 2012 and continuing through the second quarter of 2013. The bonds received an Aa3 rating from Moody’s Investor Service, AA- from Standard & Poors Corporation and AA- from Fitch Ratings, Inc.

Port Authority of New York and New Jersey
Steve Coleman, 212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit

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