N.Y. Thruway Pays Least as Tappan Zee Loan Prepared: Muni Credit
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Investors are driving the New York State Thruway Authority’s borrowing costs to a 14-month low relative to benchmark debt in a bet that the agency will be able to finance the largest project in its 63-year history.
The operator of the longest U.S. toll road, which is building a $3.9 billion replacement for the Tappan Zee Bridge across the Hudson River, plans to borrow $875 million this month, according to Standard & Poor’s. It needs the funds as it awaits approval of a federal loan that’s already taken a year to process and is holding up the spending plan for the structure.