By Sheri Kasprzak
New York, July 23 - The Port Authority of New York and New Jersey priced $500 million in series 153 consolidated bonds Wednesday, said spokeswoman Louella Jones.
The bonds (Aa3/AA-/AA-) were sold on a competitive basis with Merrill Lynch winning the bid at a 4.942683% true interest cost. There were four bids received for the offering.
The bonds are due from 2018 to 2038 with coupons ranging from 4% to 5%. The yields range from 4.09% to 5.05%.
Proceeds will be used for capital projects and refunding existing obligations.
| Issuer: | Port Authority of New York and New Jersey
|
| Issue: | Series 153 consolidated bonds
|
| Amount: | $500 million
|
| Type: | Competitive
|
| Maturities: | 2018 to 2038
|
| Coupons: | 4% to 5%
|
| Yields: | 4.09% to 5.05%
|
| Underwriter: | Merrill Lynch
|
| TIC: | 4.942683%
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | July 23
|
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