Published on 4/12/2012 in the Prospect News Municipals Daily.
New Issue: Port Authority of New York, New Jersey sells $400 million consolidated bonds via Merrill
By Sheri Kasprzak
New York, April 12 - The Port Authority of New York and New Jersey priced $400 million of series 172 consolidated bonds, according to a pricing sheet.
The bonds (/AA-/AA-) were sold competitively. Bank of America Merrill Lynch won the bid.
The bonds are due 2013 to 2034 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 4.5% coupon priced at 97.796.
Proceeds will be used to finance capital projects and refund existing debt.
| Issuer: | Port Authority of New York and New Jersey
|
| Issue: | Series 172 consolidated bonds
|
| Amount: | $400 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | April 4
|
| Settlement date: | April 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $25,315,000 | 2013 | Serial | 3% | 103.495
|
| $26,465,000 | 2014 | Serial | 3% | 105.082
|
| $27.7 million | 2015 | Serial | 5% | 112.777
|
| $7,965,000 | 2016 | Serial | 3% | 106.037
|
| $8.35 million | 2017 | Serial | 5% | 116.661
|
| $8,765,000 | 2018 | Serial | 5% | 117.414
|
| $9.21 million | 2019 | Serial | 5% | 117.198
|
| $9,675,000 | 2020 | Serial | 3% | 101.873
|
| $10,175,000 | 2021 | Serial | 4% | 108.519
|
| $10.71 million | 2022 | Serial | 5% | 115.606
|
| $11.27 million | 2023 | Serial | 5% | 114.138
|
| $11.87 million | 2024 | Serial | 5% | 112.961
|
| $12,505,000 | 2025 | Serial | 5% | 111.888
|
| $13.17 million | 2026 | Serial | 5% | 110.915
|
| $13,875,000 | 2027 | Serial | 5% | 110.214
|
| $14,625,000 | 2028 | Serial | 5% | 109.518
|
| $16.24 million | 2030 | Serial | 5% | 108.398
|
| $17.12 million | 2031 | Serial | 5% | 107.886
|
| $18,045,000 | 2032 | Serial | 4.25% | 98.652
|
| $19,025,000 | 2033 | Serial | 5% | 106.87
|
| $20.06 million | 2034 | Serial | 5% | 106.367
|
| $87,865,000 | 2037 | Term | 4.5% | 97.796
|
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