Port Sells Two Big Deals

The Port Authority of New York and New Jersey sold $600 million in two competitive offerings on Wednesday, saving about $57.3 million on the refunding portion.

Citi won the bid for both deals, with a true interest cost of 0.239502% for the $300 million of notes and 3.32213% for the $300 million of bonds.

The Series ZZ notes will mature on Dec. 1, 2012, and were sold at an interest rate of 1%.

The 173rd bonds mature from 2018 to 2032 and offered interest rates from 3% to 5%.

Proceeds of the bonds will go toward capital projects and refunding outstanding obligations.

The notes received a MIG-1 rating from Moody's Investors Service, an SP1-plus from Standard & Poor's, and an F1-plus from Fitch Ratings.

The bonds were rated at Aa2 by Moody's, and AA-minus by both Standard & Poor's and Fitch.

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