Silverstein delays bond offer on 4 WTC

TRD New York /
Dec.December 10, 2010 10:12 AM
Larry Silverstein and the World Trade Center site

Silverstein Properties has delayed its scheduled sale of $1.3 billion in tax-exempt Liberty Bonds to finance the first of the developer’s three office towers at the World Trade Center “until the bond market stabilizes,” the Wall Street Journal reported. The municipal bond market has been erratic in recent weeks as borrowers have rushed to take advantage of the federal Build America Bonds subsidy program, which may expire soon without an extension from Congress. Silverstein’s bonds are not part of that program, but in a statement, the company said “it is better to wait until the bond market has stabilized to the point that our Liberty Bonds could be priced based on the strength of our project and the high credit ratings it has received, rather than on the external factors now rolling the markets.” With an expected completion date of 2013, the 4 World Trade Center project has already risen through the 10th floor but needs the bonds to fund the rest. Fitch Ratings said earlier this week that it would likely rate the bonds, which will be backed by the Port Authority of New York and New Jersey, an A+. [WSJ]


Related Articles

arrow_forward_ios
“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
Silverstein Properties chairman Larry Silverstein (Getty)

Silverstein Properties raises $30M on Israeli bond market

Silverstein Properties raises $30M on Israeli bond market
US Bank Tower at 633 West Fifth Street and Silverstein Properties' Larry Silverstein (Getty, Wikipedia Commons)

Silverstein Properties confirmed as buyer of LA’s US Bank Tower

Silverstein Properties confirmed as buyer of LA’s US Bank Tower
Larry Silverstein of Silverstein Properties with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...