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Consolidated Bonds, Two Hundred Twenty-First Series

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Consolidated Bonds, Two Hundred Twenty-First Series OFFICIAL STATEMENT DATED JULY 16, 2020 $662,110,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-FIRST SERIES* $436,640,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-SECOND SERIES Except to the extent otherwise set forth in this Official Statement, this Official Statement applies to Consolidated Bonds, Two Hundred Twenty-First Series and Consolidated Bonds, Two Hundred Twenty-Second Series with equal force and effect, each of such series being referred to in this Official Statement without differentiation as the “Bonds.” The Bonds are direct and general obligations of The Port Authority of New York and New Jersey pledging the full faith and credit of the Port Authority for the payment of principal thereof and interest thereon. The Bonds are secured equally and ratably with all other Consolidated Bonds (which includes Consolidated Notes) heretofore or hereafter issued by a pledge of (a) the net revenues of all existing facilities of the Port Authority and any additional facilities which may hereafter be financed or refinanced in whole or in part through the medium of Consolidated Bonds, (b) the General Reserve Fund of the Port Authority equally with other obligations of the Port Authority secured by the General Reserve Fund and (c) the Consolidated Bond Reserve Fund established in connection with Consolidated Bonds. The Port Authority has no power to levy taxes or assessments. The Port Authority’s bonds, notes and other obligations are not obligations of the States of New York and New Jersey or of either of them, and are not guaranteed by said States or by either of them. Ratings: Each rating below reflects only the view of the ratings service issuing such rating and is not a recommendation by such ratings service to purchase, sell or hold any maturity of the Bonds or as to market price or suitability of any maturity of the Bonds for a particular investor. An explanation of the significance of a rating may be obtained from the ratings service issuing such rating. There is no assurance that any rating on the Bonds will continue for any period of time or that it will not be revised or withdrawn. A revision or withdrawal of a rating on the Bonds may have an effect on the market price of the Bonds. Moody’s Investors Service: Aa3 S&P: A+ Fitch Ratings: AA- Delivery: The Bonds shall be delivered upon original issuance on or about July 22, 2020, on a full book-entry basis. (See “Denominations, Registration and Exchange” and “Delivery” in Section I hereof.) Legal Opinion: In connection with the delivery upon original issuance of Consolidated Bonds, Two Hundred Twenty-First Series (the “Two Hundred Twenty-First Series Bonds”) and Consolidated Bonds, Two Hundred Twenty-Second Series (the “Two Hundred Twenty- Second Series Bonds”) by the Port Authority to the Underwriters (as defined at Underwriters“ ” in Section I hereof), Bond Counsel (see “Bond Counsel” in Section I hereof) shall render a legal opinion on such date of delivery, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, to the effect that interest on the Two Hundred Twenty-First Series Bonds and Two Hundred Twenty-Second Series Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”). Bond Counsel is of the opinion that interest on the Two Hundred Twenty-First Series Bonds is a specific preference item for purposes of the federal alternative minimum tax. In the further opinion of Bond Counsel, interest on the Two Hundred Twenty- Second Series Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is of the opinion that the Bonds and interest thereon are exempt from any and all taxation (except estate, inheritance and gift taxes) imposed directly thereon by the States of New York and New Jersey or by any political subdivision thereof. A complete copy of the proposed form of opinion of Bond Counsel, setting forth its scope and conditions, is set forth at “Form of Legal Opinion of Bond Counsel” in Section VI hereof. Orrick, Herrington & Sutcliffe LLP shall serve as Bond Counsel and Disclosure Counsel for the Port Authority in connection with the issuance of the Bonds. General Counsel of the Port Authority will pass upon certain legal matters pertaining to the Bonds for the Port Authority. Norton Rose Fulbright US LLP shall pass upon certain legal matters pertaining to the Bonds for the Underwriters. This cover page contains certain information for quick reference only; it is not a summary of the terms of the Bonds. This Official Statement must be read in its entirety to obtain information essential to the making of an informed decision with respect to the Bonds. The information and expressions of opinion in this Official Statement are subject to change without notice, and future use of this Official Statement shall not otherwise create any implication that there has been no change in the matters referred to in this Official Statement since the date hereof. The Port Authority has not taken any action in connection with this Official Statement or the Bonds that would permit a public offering of the Bonds or the distribution of any information in connection with the Bonds and the Port Authority and its finances in any jurisdiction where action for that purpose is required. This Official Statement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Bonds, in any jurisdiction, to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. Ramirez & Co., Inc. BofA Securities Citigroup Goldman Sachs & Co. LLC Siebert Williams Shank & Co., LLC UBS Academy Securities Blaylock Van, LLC Jefferies Oppenheimer & Co. * AMT. $662,110,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-FIRST SERIES* Dated: Date of delivery. Maturities: $662,110,000 in total aggregate principal amount of Consolidated Bonds, Two Hundred Twenty-First Series (the “Two Hundred Twenty-First Series Bonds”), shall be issued in six installments as follows: Maturity Dates, Principal Amounts, Stated Rates of Interest, Yields** and CUSIP Numbers† First Installment $49,140,000 Serial Bonds Not Subject to Redemption Prior to Maturity Maturity Date Principal Amount Stated Rate of Interest Yield CUSIP Number July 15, 2021 $3,980,000 5.000% 0.390% 73358W4W1 July 15, 2022 4,065,000 5.000 0.460 73358W4X9 July 15, 2023 4,270,000 5.000 0.570 73358W4Y7 July 15, 2024 4,480,000 5.000 0.700 73358W4Z4 July 15, 2025 4,705,000 5.000 0.850 73358W5A8 July 15, 2026 5,000,000 5.000 1.020 73358W5B6 July 15, 2027 5,255,000 5.000 1.190 73358W5C4 July 15, 2028 5,515,000 5.000 1.320 73358W5D2 July 15, 2029 5,790,000 5.000 1.440 73358W5E0 July 15, 2030 6,080,000 5.000 1.550 73358W5F7 Second Installment $172,265,000 Serial Bonds Subject to Redemption Prior to Maturity as Set Forth Herein Maturity Date Principal Amount Stated Rate of Interest Yield CUSIP Number July 15, 2031 $13,850,000 5.000% 1.640% 73358W5G5 July 15, 2032 14,545,000 5.000 1.740 73358W5H3 July 15, 2033 15,270,000 5.000 1.840 73358W5J9 July 15, 2034 16,030,000 5.000 1.910 73358W5K6 July 15, 2035 16,835,000 5.000 1.960 73358W5L4 July 15, 2036 17,680,000 4.000 2.190 73358W5M2 July 15, 2037 18,375,000 4.000 2.210 73358W5N0 July 15, 2038 19,115,000 4.000 2.250 73358W5P5 July 15, 2039 19,885,000 4.000 2.290 73358W5Q3 July 15, 2040 20,680,000 4.000 2.330 73358W5R1 * AMT. ** The yields on the Second, Third, Fourth, Fifth and Sixth Installments of the Two Hundred Twenty-First Series Bonds are calculated to the optional call date of July 15, 2030. † Copyright, American Bankers Association (the “ABA”). CUSIP data herein are provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Global Market Intelligence, a division of S&P Global Inc. The CUSIP numbers listed herein are being provided solely for the convenience of bondholders only at the time of issuance of the Bonds and neither the Port Authority nor the Underwriters makes any representation with respect to such numbers nor undertakes any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. (i) Third Installment $62,775,000 4.000% Term Bonds Due July 15, 2045 – Yield 2.470% CUSIP Number 73358W5S9 Subject to Redemption Prior to Maturity as Set Forth Herein Fourth Installment $76,390,000 4.000% Term Bonds Due July 15, 2050 – Yield 2.550% CUSIP Number 73358W5T7 Subject to Redemption Prior to Maturity as Set Forth Herein Fifth Installment $140,705,000 4.000% Term Bonds Due July 15, 2055 – Yield 2.650% CUSIP Number 73358W5U4 Subject to Redemption Prior to Maturity as Set Forth Herein Sixth Installment $160,835,000 4.000% Term Bonds Due July 15, 2060 – Yield 2.750% CUSIP Number 73358W5V2 Subject to Redemption Prior to Maturity as Set Forth Herein Optional Redemption: The Second, Third, Fourth, Fifth and Sixth Installments of the Two Hundred Twenty-First Series Bonds shall be subject to redemption prior to maturity, in whole, or, from time to time in part, at the Port Authority’s option, on prior notice on the date to be fixed for redemption in such notice, at 100% of face value on any such date of redemption beginning on July 15, 2030 and thereafter prior to maturity, plus accrued interest until the date fixed for redemption.
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