NYC MTA to Sell $186M of Notes to Pay Costs of Congestion Pricing Program

Dow Jones

2024-12-17

By Zaeem Shoaib

New York City's Triborough Bridge and Tunnel Authority, or MTA Bridges and Tunnels, plans to sell $186 million in securities in a competitive auction to pay certain costs and expenses related to the city's congestion pricing program.

The authority plans to sell Second Subordinate Revenue Bond Anticipation Notes, Series 2024A, with mature Dec. 1, 2025, and an interest rate of 5%, according to documents posted Friday on MuniOs.

Interest on the notes will be paid at maturity. Bids for the notes, which have not yet been rated, will be received on Dec. 19 and the notes are expected to be delivered by Dec. 23.

Proceeds from the notes will be used to pay capital costs of the Central Business District Tolling Program, the nation's first congestion pricing program that is set to start in January, and pay certain financing, legal, and miscellaneous expenses.

The Metropolitan Transportation Authority estimates toll revenues of $2.58 billion for 2025, with total revenues for the year estimated to be $8.71 billion.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

December 16, 2024 11:08 ET (16:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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