At a meeting on Wednesday, the Port Authority of New York and New Jersey board approved a refinancing of up to $2 billion of debt sold for the World Trade Center.

The refinancing includes a $500 million sale arend a $1.5 billion sale of consolidated bonds that will refund outstanding debt issued for projects at the WTC.

"Even with this approval of $2 billion of funding today, the aggregate estimated cost to complete the World Trade Center project, as will be disclosed in the Phase II of the Navigant report, is consistent with the amounts in the February Phase I report," executive director Patrick Foye said after the board meeting.

Consulting firm Navigant Consulting Inc. issued the first phase of its report in February, urging a "top-to-bottom overhaul" of the Port Authority's management structure.

The second phase of the report was due this week, but has not been released yet.

Foye said a "detailed, evolved" draft has been distributed to a special committee and staff and they plan to present the report to the board and the public in the near future.

Four underwriters were chosen last month to provide services for the WTC development financing: Bank of America Merrill Lynch, Barclays Capital, Citi, and RBC Capital Markets.

The underwriters agreed to a fee of $1.75 for every $1,000 of bonds, a lower spread than previous fees the authority has paid.

Foye said the timing on the issuances, which could include up to four bond sales, is subject to discussion with the chief financial officer's office, underwriters, and market conditions.

"We continue to be blessed by an environment of low interest rates and we hope to take advantage of that," he said.

Foye also announced that overall overtime hours through the first six months, year over year, are down about 15% versus the same six month period in 2011.

"That's good news, but much remains to be done," said the executive director, who took office in November.

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