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United States : Port Authority Completes Negotiated Sale Of $2 Billion In 50-Year Taxable Consolidated Bonds.

Port Authority Chairman David Samson announced today the successful completion of the negotiated sale of Consolidated Bonds, 174th Series, in the aggregate principal amount of $2 billion. Interest on the bonds is subject to federal taxation. These bonds will have a 50-year final maturity. The closing of the sale of the bonds will take place on or about October 10, 2012.

The 174th Series bonds, which will mature on October 1, 2062, were priced at par at 1.65 percent over the 30-year Treasury rate, providing an interest rate on the bonds of 4.458 percent.

The underwriting syndicate for the bonds was led by RBC Capital Markets and included BofA Merrill Lynch, Barclays, Citigroup, Drexel Hamilton, Rice Financial Products Company, M.R. Beal & Company, Siebert Brandford Shank & Co., L.L.C., Ramirez and Co., Inc., and The Williams Capital Group L.P. Approximately 18 percent of the sales credit for the bonds was allocated to firms in the underwriting syndicate that qualify as either MBE or WBE entities.

The proceeds of the bonds are presently expected to be allocated to the Port Authority s capital expenditures in connection with the redevelopment of the World Trade Center site, including the refunding of certain currently outstanding obligations issued for such purposes, commencing in the fourth quarter of 2012 and continuing through the second quarter of 2013. The bonds received an Aa3 rating from Moody s Investor Service, AA- from Standard & Poors Corporation and AA- from Fitch Ratings, Inc.

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Publication:Mena Report
Article Type:Brief article
Geographic Code:1USA
Date:Sep 28, 2012
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