NEWS

156-98: FOR IMMEDIATE RELEASE , November 18, 1998

PORT AUTHORITY SELLS $100 MILLION OF CONSOLIDATED BONDS


Port Authority Chairman Lewis M. Eisenberg announced today the sale of $100,000,000 Consolidated Bonds, One Hundred Seventeenth series, on a negotiated basis to a syndicate led by Artemis Capital Group, Inc., with A.G. Edwards & Sons Inc., First Albany Corporation, and Ramirez & Co., Inc. serving as Co-Senior Managers. The aforementioned firms, as well as the 11 co-managers, were elected as a result of a request for proposals process directed to smaller and regional investment banking firms. This is the ninth in a series of annual bond sales aimed at such firms. It is the first, however, that was led by one of the smaller firms.

The One Hundred Seventeenth Series includes maturities from November 15, 1999 to November 15, 2018 with coupons ranging from 4.0 percent to 5.125 percent per annum. The transaction was accomplished at an “all-in” true interest cost of 4.85 percent. The proceeds of the bonds will be used for capital projects at various Port Authority facilities and for the refunding of certain outstanding obligations.

A portion of the bonds were insured by Financial Guaranty Insurance Company and are rated AAA by Standard & Poor’s Corporation, Fitch IBCA, Inc., and Moody’s Investors Service. The remaining uninsured bonds received the following ratings: A1 from Moody’s Investors Service, AA- from Standard & Poor’s Corporation and AA- from Fitch IBCA, Inc.

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