NEWS

154-00: FOR IMMEDIATE RELEASE , November 1, 2000

PORT AUTHORITY ANNOUNCES SALE OF $500 MILLION IN CONSOLIDATED BONDS


Port Authority Chairman Lewis M. Eisenberg announced today the sale of Consolidated Bonds, One Hundred Twentieth Series, in the aggregate principal amount of $300 million and Consolidated Bonds, One Hundred Twenty-first Series in the aggregate principal amount of $200 million.

Both the One Hundred Twentieth Series Bonds and One Hundred Twenty-first Series Bonds were awarded on the basis of the lowest true interest cost of the bids received for each of the respective series.

The One Hundred Twentieth Series Bonds, awarded to a group of underwriters led by Salomon Smith Barney at a price of $304,272,184.45, are comprised of bonds due from October 15, 2001 to October 15, 2035, at interest rates ranging from 4.5 percent to 6 percent per annum. The true interest cost to the Port Authority is 5.5107 percent.

The One Hundred Twenty-first Series Bonds, awarded to a group of underwriters led by Bear, Stearns & Co., Inc. at a price of $190,000,000, are comprised of bonds due from October 15, 2016 to October 15, 2035, at interest rates ranging from 5 percent to 5.5 percent per annum. The true interest cost to the Port Authority is 5.6101 percent.

The proceeds of both series of bonds will be allocated, as appropriate to capital projects in connection with facilities of the Port Authority and may also be used for refunding obligations of the Port Authority.

The bonds received an A1 rating from Moody's Investors Service, AA- from Standard & Poor's Corporation and AA- from Fitch, Inc.

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