Date: Jan 23, 2013
Press Release Number: 8-2013
The Port Authority of New York and New Jersey today announced the competitive sale of Consolidated Bonds, 177th Series, in the aggregate principal amount of $350 million.
The 177th Series Bonds were awarded to Wells Fargo Bank based on the lowest true interest cost of the six bids received. The true interest cost to the Port Authority was 3.560007 percent. The price was $362,468,385.80. The 177th Series Bonds are composed of bonds due from July 15, 2014, to January 15, 2043, at interest rates ranging from 3 percent to 5 percent per year.
The proceeds of the 177th Series Bonds sale shall be allocated, as appropriate, to capital projects in connection with Port Authority facilities and/or for refunding Port Authority obligations.
The 177th Series Bonds received an Aa3 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc.
CONTACT: Port Authority of New York and New Jersey 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 http://www.panynj.gov.