Press Release Article
PORT AUTHORITY SELLS $300 MILLION OF CONSOLIDATED BONDS
Date: Oct 18, 2006
Press Release Number: 79-2006
Port Authority Chairman Anthony R. Coscia announced today the competitive sale of Consolidated Bonds, 144th 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.
Awarded to Merrill Lynch & Co. at a price of $310,271,996.50, the bonds are composed of bonds due from October 1, 2026 to October 1, 2035, at interest rates ranging from 4.25 to 5 percent per annum. The true interest cost to the Port Authority was 4.643758 percent, the lowest of the four bids received.
The 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.
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 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.