Press Release Article


Date: Sep 05, 2003
Press Release Number: 117-2003

Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, 132nd Series, in the aggregate principal amount of $300 million. The bonds were awarded on the basis of the lowest true interest cost of the bids received.

The 132nd Series Bonds, awarded to UBS Financial Services Inc. at a price of $291,676,086, are comprised of bonds due from September 1, 2024, to September 1, 2038, at an interest rate of 5.00 percent per annum. The true interest cost to the Port Authority was 5.188 percent, the lowest of the four bids received.

The proceeds of the bonds will be allocated, as appropriate, to capital projects in connection with Port Authority facilities and may also be used for refunding obligations of the Port Authority.

The bonds received an A1 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch Ratings, Inc.

The Port Authority of New York and New Jersey operates some of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH rapid-transit system; the Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container 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 financially self-supporting and receives no tax revenue from either state.

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