Published on 1/23/2013 in the Prospect News Municipals Daily.
New Issue: Port Authority of New York and New Jersey brings $350 million of consolidated bonds
By Sheri Kasprzak
New York, Jan. 23 - The Port Authority of New York and New Jersey sold $350 million of series 177 consolidated bonds, according to an authority statement.
The bonds were sold competitively with Wells Fargo Bank, NA winning the bid at a 3.56007% true interest cost.
The bonds are due 2014 to 2043 with 3% to 5% coupons, the statement said.
Proceeds will be used to finance improvements and repairs to Port Authority property following damages caused by Hurricane Sandy in late October.
| Issuer: | Port Authority of New York and New Jersey
|
| Issue: | Series 177 consolidated bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Bank, NA (winner)
|
| True interest cost: | 3.56007%
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.4 million | 2014 | Serial | 3% | NRO
|
| $14,055,000 | 2015 | Serial | 4% | 108.025
|
| $4.07 million | 2016 | Serial | 4% | 110.481
|
| $4,275,000 | 2017 | Serial | 5% | 116.67
|
| $4,495,000 | 2018 | Serial | 5% | 118.798
|
| $4,975,000 | 2020 | Serial | 5% | 121.648
|
| $5,235,000 | 2021 | Serial | 5% | 122.498
|
| $5,515,000 | 2022 | Serial | 5% | 123.082
|
| $5,805,000 | 2023 | Serial | 5% | 122.476
|
| $11,135,000 | 2025 | Serial | 5% | 121.197
|
| $11.48 million | 2026 | Serial | 5% | 120.322
|
| $11,845,000 | 2027 | Serial | 3% | 98.269
|
| $12,225,000 | 2028 | Serial | 3% | 97.576
|
| $18,355,000 | 2030 | Serial | 4% | 105.977
|
| $19,095,000 | 2031 | Serial | 4% | 105.542
|
| $19,885,000 | 2032 | Serial | 4% | 105.11
|
| $20.71 million | 2033 | Serial | 3.25% | 96.37
|
| $21,575,000 | 2034 | Serial | 4% | 104.08
|
| $22,485,000 | 2035 | Serial | 3.5% | 98.467
|
| $23,455,000 | 2036 | Serial | 4% | 103.062
|
| $12.38 million | 2037 | Serial | 3.5% | 96.799
|
| $12,795,000 | 2038 | Serial | 3.5% | 96.399
|
| $26.89 million | 2040 | Serial | 3.5% | 95.736
|
| $14,135,000 | 2041 | Serial | 3.75% | 99
|
| $29.73 million | 2043 | Serial | 4% | 101.641
|
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