Port Authority announces sale of $1.5 Billion in consolidated bonds

Published on : Monday, November 25, 2013

The Port Authority of New York and New JerseyThe Port Authority of New York and New Jersey today announced the sale of three series of tax-exempt consolidated bonds in the total aggregate principal amount of $1.5 billion.The three series of bonds consist of the 178th Series, with a principal amount of $476 million, subject to the alternative minimum tax, and a final maturity of December 1, 2043; the 179th Series, with a principal amount of $915 million and a final maturity of December 1, 2043; and the 180th Series, with a principal amount of $109 million and a final maturity of June 1, 2021.



The three series were issued with coupons ranging from 3.00 to 5.00 percent, at an aggregate true interest cost to the Port Authority of 4.07 percent.The Port Authority received $640 million in retail orders during its one-day retail order period on Wednesday. On Thursday, November 21, the Port Authority received $2.5 billion in priority orders during the institutional pricing. Strong investor demand across the curve made it possible to reduce yields in certain maturities of the 178th and the 180th series.



The refunding component of the three series produced $90 million in present value savings or 6.3 percent of refunded par. The three series were sold via negotiated sale by a syndicate led by Wells Fargo Securities.“We are very pleased with the market’s reaction to these three series,” said Elizabeth M. McCarthy, the Port Authority’s Chief Financial Officer. “The response from retail investors, as well as the institutional investors, continues to confirm that the Port Authority is one of the pre-eminent issuers in the municipal capital markets and validates the success of our focus on managing the Port Authority’s financial and operating assets.”



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