The New York State Liberty Development Corp. on Dec. 1 sold $672 million of Liberty bonds that will help the Port Authority of New York and New Jersey finance the continuing construction of One World Trade Center.
Since the Port Authority is not eligible to issue Liberty bonds, a so-called mirror bond structure with the corporation enables it to achieve lower-cost tax-exempt financing for One World Trade Center compared to higher-cost taxable alternatives, the authority said after Thursday's sale.
JPMorgan led the sale's eight-member underwriting syndicate.
The Liberty bonds were issued at a price of $701.6 million and consist of bonds due from Dec. 15, 2039, to Dec. 15, 2043.
The Liberty bonds and the consolidated bonds, 170th Series, each received an Aa2 rating from Moody's Investors Service, and a AA-minus from Standard & Poor's and Fitch Ratings.
