N.Y.-N.J. port authority sells $450 million of bonds
Port Authority of New York and New Jersey Chairman Anthony R. Coscia today announced the competitive sale of a series of bonds that will be used for capital projects at port authority facilities or refunding obligations.
The $450 million in consolidated bonds, 147th Series, were awarded on the basis of the lowest true interest cost of the bids received to J.P. Morgan Securities Inc., or $466.2 million.
They are composed of bonds due from Oct. 15, 2017, to April 15, 2037, at interest rates ranging from 4.75 to 5.00 percent per year. The true interest cost to the port authority was 4.633618 percent, the lowest of the four bids received.
The bonds received an A1 rating from Moody’s Investors Service, AA- from Standard & Poor’s Corp. and AA- from Fitch Ratings Inc.