NEW YORK CITY—As he is wont to do, major developer LarrySilverstein has set a new record. The World Trade Center builderhas sold $1.6 billion of tax-exempt bonds to finance theconstruction of 3 World Trade Center, the largest-ever unrated dealin the municipal market, according to Bloomberg News.
Goldman Sachs Group Inc., which managed the offer, sold about$1.1 billion of senior bonds maturing in 30 years at a preliminaryyield of 5%, or about 1.9 percentage points above benchmark debt,according to data compiled by Bloomberg.
“This is an exciting time and yet another important milestonefor the new World Trade Center and Downtown,” says Silverstein in astatement to the press. “It means that we have now secured all thefinancing necessary to complete 3 WTC and open the building in2018, making it the fourth tower to open at the WTC. In 2006, 7 WTCopened and is fully occupied while the first office workers beganmoving into 4 WTC on Monday and will be followed next week by thefirst tenants at One WTC.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
