New Issue: Port Authority of New York and New Jersey sells $400 million of bonds

By Sheri Kasprzak

New York, June 17 – The Port Authority of New York and New Jersey sold $400 million of series 183 consolidated bonds, according to a pricing sheet.

The bonds (/AA-/AA-) were sold competitively. Morgan Stanley & Co. LLC won the bid at a 3.852336% true interest cost.

The bonds are due 2025 to 2042 with a term bond due in 2044. The serial coupons range from 3% to 5% with 2.73% to 3.96% yields. The 2044 bonds have a 4% coupon priced at par.

Proceeds will be used to finance commuter projects.

Issuer:	Port Authority of New York and New Jersey
Issue:	Series 183 consolidated bonds
Amount:	$400 million
Type:	Competitive
Underwriter:	Morgan Stanley & Co. LLC (winner)
TIC:	3.852336%
Ratings:	Standard & Poor’s: AA-
	Fitch: AA-
Pricing date:	June 17
Settlement date:	June 24
Amount	Maturity	Type	Coupon	Price	Yield
$13,215,000	2025	Serial	5%	119.704	2.73%
$13,875,000	2026	Serial	5%	118.743	2.83%
$14.57 million	2027	Serial	3%	99	3.091%
$15.3 million	2028	Serial	5%	117.319	2.98%
$16,065,000	2030	Serial	3.25%	99	3.329%
$16,865,000	2031	Serial	4%	104.093	3.51%
$17.71 million	2032	Serial	4%	103.496	3.58%
$18,595,000	2033	Serial	3.5%	99	3.572%
$19,525,000	2034	Serial	3.625%	99	3.695%
$20.5 million	2035	Serial	4%	101.813	3.78%
$21,525,000	2036	Serial	4%	101.48	3.82%
$22,605,000	2037	Serial	4%	101.066	3.87%
$23,735,000	2038	Serial	4%	100.818	3.90%
$24.92 million	2039	Serial	4%	100.654	3.92%
$25,915,000	2040	Serial	4%	100.49	3.94%
$26,955,000	2041	Serial	4%	100.408	3.95%
$28.03 million	2042	Serial	4%	100.326	3.96%
$60,095,000	2044	Term	4%	100	4.00%

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