Press Release Article
PORT AUTHORITY SELLS $400 MILLION OF CONSOLIDATED NOTES
Date: Sep 29, 2004
Press Release Number: 119-2004
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of $400 million in combined consolidated notes, comprised of Series WW in the aggregate principal amount of $200 million and Series XX in the aggregate principal amount of $200 million. The Series WW and Series XX notes were awarded on the basis of the lowest combined true interest cost of the bids received.
The Series WW and Series XX notes, awarded to Lehman Brothers at a price of $399,310,000, are comprised of notes due on September 15, 2006 and September 15, 2007, at interest rates of 2.90 and 3.30 percent per annum. The combined true interest cost to the Port Authority was 3.214 percent, the lowest of the seven bids received.
The proceeds of the notes may be allocated to any purpose for which at the time of issuance of the notes the Port Authority is authorized by law to issue its obligations. The notes are subject to federal taxation.
The notes received a MIG 1 rating from Moody’s Investors Service, SP-1+ from Standard & Poor’s Corporation and F1+ from Fitch Ratings, Inc.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit rail system; the Port Authority-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.