Bonding for Bridges

The New York State Bridge Authority, which operates and maintains New York’s five vehicular bridges spanning the Hudson River, sold $93 million of general revenue bonds on Tuesday in a competitive sale.

JPMorgan made the winning bid with a true interest cost of 2.7093%.

Yields ranged from 0.41% with a 2% coupon in 2014 to 3.14% with a 4% coupon in 2027. The bonds are callable at par in 2022.

Proceeds from the sale will go toward a debt-service reserve fund and toward financing a portion of the costs for certain reconstruction and rehabilitation projects for the bridge system.

The bonds are rated Aa3 by Moody’s Investors Service and AA-minus by Standard & Poor’s. Fitch Ratings does not rate the bonds.

Rapport Meyers LLP was bond counsel and Acacia Financial Group was financial advisor.

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Transportation industry New York
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