Three years after issuing its RFQ, the Port Authority of NY/NJ has signed a 40-year, $1.52-billion DBFOM availability payment concession (5+35) for the Goethals Bridge, paving the way for a financial close in early November. Investor meetings were held in late October and the expectation is for strong demand for the $935 million in fixed-rate bonds. Similarly rated PABs sold in August for the I-95 managed lanes toll concession in Virginia were oversubscribed by four times.
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