New Issue: Port Authority of New York and New Jersey brings $2 billion of 4.458% bonds

By Sheri Kasprzak

New York, Sept. 27 - The Port Authority of New York and New Jersey sold $2 billion of series 174 consolidated bonds, according to a pricing sheet.

The bonds (Aa3/AA-/AA-) were sold through RBC Capital Markets LLC, Bank of America Merrill Lynch, Barclays and Citigroup Global Markets Inc. with Drexel Hamilton LLC, M.R. Beal & Co. Inc., Ramirez & Co. Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and The Williams Capital Group LP as the co-managers.

The bonds are due Oct. 1, 2062, and have a 4.458% coupon priced at par.

Proceeds will be used to finance the redevelopment of the World Trade Center site, as well as to refund existing debt.

Issuer:	Port Authority of New York and New Jersey
Issue:	Series 174 consolidated bonds
Amount:	$2 billion
Maturity:	Oct. 1, 2062
Coupon:	4.458%
Price:	100
Type:	Negotiated
Underwriters:	RBC Capital Markets LLC, Bank of America Merrill Lynch, Barclays and Citigroup Global Markets Inc. (lead), Drexel Hamilton LLC, M.R. Beal & Co. Inc., Ramirez & Co. Inc., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and The Williams Capital Group LP (co-managers)
Ratings:	Moody's: Aa3
	Standard & Poor's: AA-
	Fitch: AA-
Pricing date:	Sept. 27
Settlement date:	Oct. 10

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.