Press Release Article
PORT AUTHORITY SELLS $500 MILLION OF CONSOLIDATED BONDS
Date: Apr 19, 2006
Press Release Number: 29-2006
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, One Hundred Forty-third Series in the aggregate principal amount of $500 million. The One Hundred Forty-third Series Bonds were awarded on the basis of the lowest true interest cost of the bids received.
The One Hundred Forty-third Series Bonds, awarded to Merrill Lynch & Co., at a price of $510,812,749.10, are comprised of bonds due from October 1, 2016, to April 1, 2036, at an interest rate of 5.00 percent per annum. The true interest cost to the Port Authority was 4.837043 percent, the lowest of the four bids received.
The proceeds of the One Hundred Forty-third Series Bonds will be allocated, as appropriate, to capital projects in connection with facilities of the Port Authority 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.
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 and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit 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.
The Port Authority is financially self-supporting and receives no tax revenue from either state.