By Zaeem Shoaib
New York City's Triborough Bridge and Tunnel Authority plans to sell $800 million of securities in a competitive auction to finance transit and commuter projects.
The authority plans to sell $400 million of Payroll Mobility Tax Bond Anticipation Notes, Series 2025 B -1, due March 15, 2027, with an interest rate of 5%, according to documents posted Thursday on MuniOS.
In addition, the authority plans to sell $400 million of Payroll Mobility Tax Bond Anticipation Notes, Series 2025 B -2, due March 15, 2029, with an interest rate of 5%.
Bids for the notes will be received on April 2, and the notes are expected to be delivered by April 9.
Proceeds from the notes will be used to pay for approved transit and commuter projects included in authority's the 2020-2024 capital program, fund capitalized interest payments due on notes through maturity, and pay certain financing, legal and miscellaneous expenses.
Principal and interest on the notes will be paid from proceeds of other obligation anticipation notes issued to refinance the Series 2025 B Notes and proceeds of certain Take-Out Bonds.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
March 28, 2025 15:19 ET (19:19 GMT)
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