NEWS |
140-98: FOR IMMEDIATE RELEASE , October 8, 1998
The 116th Series Bonds were sold at a price of $434 million, and include maturities from October 1, 2005, to October 1, 2033, at interest rates ranging from 4.25 percent to 5.25 percent per annum. The transaction was accomplished at an all-in true interest cost of 4.77 percent.
The proceeds of the bonds are expected to be used for the refunding of certain outstanding Consolidated Bonds first callable during the period 2000 to 2001, and for capital projects in connection with facilities of the Port Authority. The refunding bonds have an average coupon of 4.47 percent, which is more than two percent lower than the average coupon of the bonds to be refunded. The transaction will generate savings of $70 million over the life of the refunding bonds.
A portion of the bonds were insured by Financial Guaranty Insurance Company and are rated AAA by Standard and Poor's Corporation, Fitch IBCA, Inc., and Moody's Investors Service. The remaining uninsured 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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