CDs are preferred. Respondents may provide the electronic version of their Response on one (1) CD instead of providing five copies.
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1 November 28, 2018 SUBJECT: SELECTION PROCESS FOR THE PERFORMANCE OF EXPERT PROFESSIONAL UNDERWRITING SERVICES FOR THE PORT AUTHORITY OF NEW YORK & NEW JERSEY DEBT OBLIGATIONS ON AN AS-NEEDED BASIS DURING SELECTION PROCESS (RFP #53942) ADDENDUM #1 Dear Sir or Madam: We received the following questions in regards to the subject RFP: Question #1: The Authority's RFP response requirement formats listed in Section VC (page 5) include one (1) reproducible original and five (5) copies along with five (5) CDs, however, Section VD (page 6) references a USB drive Would the Port Authority prefer digital copies of the RFP response be submitted on CD or USB? If a USB is preferred, please confirm the quantity of USB sticks to be provided by the Respondent Answer: CDs are preferred Respondents may provide the electronic version of their Response on one (1) CD instead of providing five copies Question #2: In Section I: Background, the Authority asks Respondents to assume that 85% of the Authority's new money issuances will be tax-exempt (with the remaining 15% presumed to be Taxable) Can the Authority clarify whether the 85% would include both non-amt and AMT issuances? If so, can the Authority provide any additional assumptions to Respondents regarding what portion of the 85% is expected to be non-amt vs AMT? Answer: For the purposes of this RFS, Respondents could assume a 50/50 split Question #3: Can the Port Authority provide the cashflows (DBC numbers) from the Consolidated Bonds 210 and 211 Series? Answer: Yes, please see the attached cashflows (DBC numbers) from the Consolidated Bonds 210 and 211 Series 4 World Trade Center 150 Greenwich Street, 21 st Floor New York, NY 10007
2 If you have any questions, please contact Mr Timothy J Pullen at tpullen@panynjgov Sincerely, David Gutiérrez, CPPO Assistant Director Procurement Department - 2 -
3 CASH FLOW Report Sources and Uses of Funds Bond Summary Statistics Bond Pricing Bond Debt Service
4 SOURCES AND USES OF FUNDS Dated Date 08/29/2018 Delivery Date 08/29/2018 Consolidated Consolidated Bonds, Two Bonds, Two Hundred and Hundred and Eleventh Tenth Series Series Sources: (Taxable) (Tax-Exempt) Total Bond Proceeds: Par Amount 300,000, ,000, ,000,00000 Premium 49,125, ,125, ,000, ,125, ,125,10560 Note: Interest rates as of pricing on August 16, 2018
5 BOND SUMMARY STATISTICS Dated Date 08/29/2018 Delivery Date 08/29/2018 Last Maturity 09/01/2048 Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) NIC w/interest only NIC w/interest & OID NIC w/interest, OID & Und Discount All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Bond Years from Dated Date Bond Years from Delivery Date Total Debt Service Maximum Annual Debt Service Average Annual Debt Service % % % % % % % % ,000, ,125, ,916, ,538, ,283,783, ,283,783, ,452,916, ,868, ,421,58427 Bid Price Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 211th Series (Tax-Exempt) Serial Bonds 156,425, % , th Series (Tax-Exempt) Term Bond 1 108,680, % , th Series (Tax-Exempt) Term Bond 2 134,895, % , th Series (Taxable) Term Bond 300,000, % , ,000, ,66565 All-In Arbitrage TIC TIC Yield Par Value 700,000, ,000, ,000, Accrued Interest + Premium (Discount) 49,125, ,125, ,125, Cost of Issuance Expense - Other Amounts Target Date 08/29/ /29/ /29/2018 Yield % % % Note: Interest rates as of pricing on August 16, 2018
6 BOND PRICING Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) 210th Series (Taxable) Term Bond: 09/01/ ,615, % 4031% /01/ ,460, % 4031% /01/ ,420, % 4031% /01/ ,505, % 4031% ,000, th Series (Tax-Exempt) Serial Bonds: 09/01/ ,435, % 2660% C 2826% 09/01/ ,541, /01/ ,060, % 2750% C 3042% 09/01/ ,555, /01/ ,710, % 2810% C 3204% 09/01/ ,602, /01/ ,395, % 2890% C 3359% 09/01/ ,622, /01/ ,115, % 2940% C 3473% 09/01/ ,682, /01/ ,875, % 3000% C 3581% 09/01/ ,726, /01/ ,665, % 3040% C 3664% 09/01/ ,799, /01/ ,500, % 3080% C 3738% 09/01/ ,874, /01/ ,375, % 3110% C 3800% 09/01/ ,966, /01/ ,295, % 3470% C 3684% 09/01/ , ,425,000 25,228, th Series (Tax-Exempt) Term Bond 1: 09/01/ ,065, % 3560% C 3772% 09/01/ , /01/ ,870, % 3560% C 3772% 09/01/ , /01/ ,700, % 3560% C 3772% 09/01/ , /01/ ,570, % 3560% C 3772% 09/01/ , /01/ ,475, % 3560% C 3772% 09/01/ , ,680,000 3,995, th Series (Tax-Exempt) Term Bond 2: 09/01/ ,410, % 3260% C 4137% 09/01/ ,601, /01/ ,635, % 3260% C 4137% 09/01/ ,781, /01/ ,915, % 3260% C 4137% 09/01/ ,970, /01/ ,260, % 3260% C 4137% 09/01/ ,169, /01/ ,675, % 3260% C 4137% 09/01/ ,377, ,895,000 19,901, ,000,000 49,125,10560
7 BOND PRICING Dated Date 08/29/2018 Delivery Date 08/29/2018 First Coupon 03/01/2019 Par Amount Premium Production 700,000, ,125, ,125, % Note: Interest rates as of pricing on August 16, 2018
8 BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 09/01/ ,984, ,984, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,813, ,813, /01/ ,435, % 30,813, ,248, /01/ ,060, % 30,191, ,251, /01/ ,710, % 29,538, ,248, /01/ ,395, % 28,853, ,248, /01/ ,115, % 28,133, ,248, /01/ ,875, % 27,377, ,252, /01/ ,665, % 26,583, ,248, /01/ ,500, % 25,750, ,250, /01/ ,375, % 24,875, ,250, /01/ ,295, % 23,956, ,251, /01/ ,065, % 23,184, ,249, /01/ ,870, % 22,382, ,252, /01/ ,700, % 21,547, ,247, /01/ ,570, % 20,679, ,249, /01/ ,475, % 19,776, ,251, /01/ ,025,000 ** % 18,837, ,862, /01/ ,635, % 14,770, ,405, /01/ ,375,000 ** % 13,489, ,864, /01/ ,680,000 ** % 9,182, ,862, /01/ ,180,000 ** % 4,688, ,868, ,000, ,916, ,452,916,53676 Note: Interest rates as of pricing on August 16, 2018
9 BOND DEBT SERVICE Period Annual Ending Principal Coupon Interest Debt Service Debt Service 03/01/ ,577, ,577, /01/ ,406, ,406, ,984, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,406, ,406, ,813, /01/ ,406, ,406, /01/ ,435, % 15,406, ,841, ,248, /01/ ,095, ,095, /01/ ,060, % 15,095, ,155, ,251, /01/ ,769, ,769, /01/ ,710, % 14,769, ,479, ,248, /01/ ,426, ,426, /01/ ,395, % 14,426, ,821, ,248, /01/ ,066, ,066, /01/ ,115, % 14,066, ,181, ,248, /01/ ,688, ,688, /01/ ,875, % 13,688, ,563, ,252, /01/ ,291, ,291, /01/ ,665, % 13,291, ,956, ,248, /01/ ,875, ,875, /01/ ,500, % 12,875, ,375, ,250, /01/ ,437, ,437, /01/ ,375, % 12,437, ,812, ,250, /01/ ,978, ,978, /01/ ,295, % 11,978, ,273, ,251, /01/ ,592, ,592, /01/ ,065, % 11,592, ,657, ,249, /01/ ,191, ,191, /01/ ,870, % 11,191, ,061, ,252, /01/ ,773, ,773, /01/ ,700, % 10,773, ,473, ,247, /01/ ,339, ,339, /01/ ,570, % 10,339, ,909, ,249, /01/2043 9,888, ,888, /01/ ,475, % 9,888, ,363, ,251, /01/2044 9,418, ,418, /01/ ,025,000 ** % 9,418, ,443, ,862, /01/2045 7,385, ,385, /01/ ,635, % 7,385, ,020, ,405, /01/2046 6,744, ,744, /01/ ,375,000 ** % 6,744, ,119, ,864, /01/2047 4,591, ,591, /01/ ,680,000 ** % 4,591, ,271, ,862, /01/2048 2,344, ,344, /01/ ,180,000 ** % 2,344, ,524, ,868, ,000, ,916, ,452,916, ,452,916,53676
10 Note: Interest rates as of pricing on August 16, 2018 BOND DEBT SERVICE
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