BNP Paribas Provides $253 Million Credit Facility to New York Metropolitan Transport Authority.

NEW YORK -- BNP Paribas today announced that it had provided the New York Metropolitan Transportation Authority (NYMTA) a 5 year $253 million direct pay letter of credit facility to provide credit enhancement and liquidity support for the NYMTA's Transportation Revenue Bonds.

Commenting on the transaction, James Culhane, Director in the Public Finance group said, "The letter of credit facility BNP Paribas' provides to the NYMTA is the largest ever DPLC provided by a single bank to support its Transportation Revenue Bond program and clearly demonstrates the bank's firm commitment to the public sector and the New York region." The Bonds refinance debt issued under the NYMTA's existing Commercial Paper program.

NYMTA is an Authority of the State of New York. The NYMTA provides an essential service to the city and state economy and is responsible for developing and implementing a single, integrated essential mass transportation policy for the 14.6 million people residing in the 5,000-square mile service area comprised of New York City and seven surrounding New York metropolitan-counties, making it the largest population-based transit and commuter system in North America.

The NYMTA carries out some of these responsibilities by operating transit and commuter systems including the New York Subway, The Long Island Rail Road (LIRR); the Metro-North Commuter Railroad (MNCRC); and the Triborough Bridge and Tunnel Authority.

Kelly Fowler, Managing Director and Head of Public Finance noted "We were very pleased to be part of this important financing. BNP Paribas Public Finance has consistently demonstrated the ability to manage large transactions for high profile U.S. Municipal enterprises."

BNP Paribas has been active in the U.S. Municipal Bond Market for over 10 years. BNP Paribas offers U.S. municipalities a variety of tax-exempt credit and capital market products including credit enhancement and liquidity support, tax-exempt derivatives, and municipal depository and cash management services (through BNP Paribas' wholly owned subsidiary Bank of the West). BNP Paribas also runs and manages a Tender Option Bond Program.

About BNP Paribas

BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United States and leading positions in Asia. The most profitable bank in the Euro zone, it has a presence in 85 countries with close to 100,000 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.

BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered member of the NYSE, a NASD broker-dealer and member of SIPC, BNP Paribas Securities Corp. trades and markets a vast array of global and domestic fixed income and equity products.