The Port Authority of New York and New Jersey has selected Bank of America Merrill Lynch, Barclays Capital, Citi, and RBC Capital Markets to provide underwriting services for its financing of the World Trade Center redevelopment.
The financing includes approximately $3.5 billion of WTC redevelopment costs over the next three to five years.
Executive director Pat Foye said that the Port Authority will be paying the underwriters a fee of $1.75 per every $1,000 of bonds, a spread that is significantly less than what they have paid previously.
“We’re very focused as part of the Navigant process and the review led by Chairman [David] Samson and Vice-Chairman [Scott] Rechler in improving operations across the board, including procurement,” Foye said after Thursday’s board meeting.
He said the lower borrowing costs will save the authority millions of dollars over the next two-and-a-half years.
