NEWS |
112-98: FOR IMMEDIATE RELEASE , August 12, 1998
The One Hundred Fourteenth Series Bonds, awarded to a group of underwriters led by Merrill Lynch & Co. at a price of $95 million, are composed of bonds due from August 1, 2013 to August 1, 2033, at interest rates ranging from 4.75 percent to 5.50 percent per annum. The true interest cost to the Port Authority is 5.1932 percent. The proceeds of the bonds will be allocated to capital projects in connection with facilities of the Port Authority and may also be used for refunding obligations of the Port Authority.
The One Hundred Fifteenth Series Bonds, awarded to a group of underwriters led by Morgan Stanley & Co., Inc. at a price of $64,553,560, are composed of bonds due from August 1, 1999 to August 1, 2008, at interest rates ranging from 3.60 percent to 4.375 percent per annum. The true interest cost to the Port Authority is 4.3405 percent. The proceeds of the bonds will be allocated in connection with the refunding on October 1, 1998, of $65 million in total aggregate principal amount of Consolidated Bonds, Forty-first Series.
The bonds received an AA- rating from Standard and Poor's Corporation, an AA- rating from Fitch IBCA, Inc., and an A1 rating from Moody's Investors Service.
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