Date: Jun 17, 2014
Press Release Number: 125-2014
The Port Authority of New York and New Jersey today announced the competitive sale of Consolidated Bonds, 183rd Series, in the aggregate principal amount of $400 million.
Following a strong response to its offering, the183rd Series Bonds were awarded to Morgan Stanley & Co. LLC, at a price of $407,716,297.80, and is composed of bonds due from December 15, 2025 to June 15, 2044, at interest rates ranging from 3 to 5 percent per year. The true interest cost to the Port Authority was 3.852336 percent, the lowest of the nine bids received.
“We are quite pleased with the depth of the responses received,” said Port Authority Chief Financial Officer Elizabeth McCarthy. “The true interest cost achieved demonstrates the market’s belief in our credit quality.”
The proceeds of the 183rd Series Bonds will be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority and/or for purposes of refunding obligations of the Port Authority.
The 183rd Series Bonds received an Aa3 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc.
Port Authority of New York and New Jersey
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 the Western Hemisphere. 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 raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.