NY-NJ PORT AUTHORITY RAISES $250 MILLION
The Port Authority of New York and New Jersey has announced a competitive sale of consolidated notes, series UU, in the amount of $250,000,000. The UU notes were awarded on the basis of the lowest true interest costs of the bids received.
This sale was the first PA debt instrument sold through electronic bidding rather than acceptance of sealed bids.
The notes, awarded to Goldman, Sachs & Co., for $251,647,500, represent a term note due Oct. 15, 2003, at an annual interest rate of 2 percent.
Jack G. Sinagra, chairman of the Port Authority, said that the proceeds of the UU notes will be allocated to capital projects and for refunding existing obligations.