By Cristal Cody
Springdale, Ark., March 12 - The Port Authority of New York and New Jersey priced $691.355 million consolidated bonds with 5.85% and 5.76% true interest costs in competitive sales Wednesday.
The authority sold $343.289 million series 150 bonds due from 2013 to 2027 and $348.066 million series 151 bonds due 2019 to 2035, the issuer confirmed in a statement.
The series 150 bonds priced with a 5.852% true interest cost. Lehman Brothers was the successful bidder.
The bonds priced with 4.125% to 6.4% annual interest rates.
The series 151 bonds were awarded to Goldman, Sachs & Co. on a 5.762% true interest cost. The bonds priced with interest rates from 5.25% to 6% a year.
Proceeds will be used to refund series 7 and series 8 versatile structure obligations and series A commercial paper notes.
| Issuer: | Port Authority of New York and New Jersey
|
| Issue: | Consolidated bonds
|
| Amount: | $691.355 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
| Pricing date: | March 12
|
|
|
| Series 150 bonds
|
| Amount: | $343.289 million |
|
| Maturities: | 2013 through 2027
|
| True interest cost: | 5.852%
|
| Interest rates: | 4.125% to 6.4%
|
| Set: | Annually
|
| Underwriter: | Lehman Brothers
|
|
|
| Series 151 bonds
|
| Amount: | $348.066 million
|
| Maturities: | 2019 through 2035
|
| True interest cost: | 5.762%
|
| Interest rates: | 5.25% to 6%
|
| Set: | Annually
|
| Underwriter: | Goldman, Sachs & Co.
|
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