By Sheri Kasprzak
New York, Oct. 19 - The Port Authority of New York and New Jersey priced $850 million in consolidated bonds in two tranches Tuesday, according to a sellsider familiar with the deal.
The offering included $425 million in 164th series bonds and $425 million in 165th series bonds.
The bonds (Aa2/AA-/AA-) are due 2040 and were both priced to yield 175 basis points over comparable Treasuries.
Citigroup Global Markets Inc. was the senior manager with Loop Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Cabrera Capital Markets LLC, Jackson Securities Inc., Powell Capital Markets Inc., Rice Financial Products Co. and Sturdivant & Co. as the co-managers.
Proceeds will be used to support capital expenditures connected to One World Trade Center and its retail components at the World Trade Center site.
| Issuer: | Port Authority of New York and New Jersey
|
| Issue: | Consolidated bonds
|
| Amount: | $850 million
|
| Maturity: | 2040
|
| Yield: | 175 bps over Treasuries
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Loop Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Cabrera Capital Markets LLC, Jackson Securities Inc., Powell Capital Markets Inc., Rice Financial Products Co. and Sturdivant & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 1
|
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