Skip to main content
Go to MTA homepage
 

MTA Investor Information

Financing Agreements

    Railroad Rehabilitation & Improvement Financing (RRIF) Loan

  • On May 5, 2015, MTA entered into a financing agreement with the United States, represented by the Secretary of Transportation, acting through the Federal Railroad Administrator, to finance costs incurred by MTA in connection with the installation of the federally required Positive Train Control Systems on its commuter rail tracks. For more details, see the summary and financing agreement and the supplemental resolution that went before the MTA Board in April 2015. The approved financing is for a total of $967,100,000, and as any draws are made on the loan, the information will be added to the table below.

    RRIF Loan Draws (TRB 2015X Issuance)
    Draw Date
    Amount
    Principal Outstanding
    Maturity Date
    9/20/2016
    $146,472,065
    $140,668,512
    11/15/2037
    5/1/2019
    $300,000,000
    $300,000,000
    11/15/2037
  • Revolving Credit Agreements (Lines of Credit)

  • On August 24, 2017, MTA entered into a $350 million taxable revolving credit agreement with JPMorgan Chase Bank, National Association that is active through August 24, 2022.  The JPMorgan Chase Agreement was amended on August 14, 2018 and August 16, 2019, increasing the line of credit to $700 million and $800 million, respectively. Draws under the JPMorgan Chase Agreement will be evidenced by revenue anticipation notes (“RANs”).  MTA will maintain a 1% draw on the line of credit throughout the duration of the JPMorgan Chase Agreement.  Funds may be used for operational or capital purposes.  For more information, see the credit agreement, the first amendment to the credit agreement, and the second amendment to the credit agreement.

    On August 16, 2019, MTA entered into a $200 million taxable revolving credit agreement with Bank of America, National Association that is active through August 24, 2022.  Draws under the BANA Agreement will be evidenced by RANs.  Funds may be used for operational or capital purposes.  For more information, see the credit agreement.

    The following table shows the draws that have been made and associated repayments, and any additional draws will be indicated below. 

    Working Capital Revolving Credit Facilities

    RAN Series RAN Bank
    Draw Date
    Draw Amount
    Repayment Date
    Amount Repaid
    2017A
    JPMorgan
    8/24/2017
    $3,500,000
    2/19/2019
    $3,500,000
    2018A
    JPMorgan
    8/14/2018
    $3,500,000
    6/24/2019
      $3,500,000
    2019A
    JPMorgan
    1/18/2019
    $300,000,000
    2/15/2019
    $300,000,000
    2019B
    JPMorgan
    2/19/2019
    $3,500,000
    5/30/2019
     $3,500,000
    2019C
    JPMorgan
    3/29/2019
    $10,000,000
    5/30/2019
     $10,000,000
    2019D
    JPMorgan
    4/16/2019
    $10,000,000
    6/17/2019
      $10,000,000
    2019E
    JPMorgan
    5/14/2019
    $45,000,000
    6/14/2019
      $38,000,000*
    2019F
    JPMorgan
    8/16/2019
    $1,000,000
    TBD
      TBD*
  • *Partial repayment reflects the intended 1% to remain outstanding on the line of credit

     

    Private Placement of Bonds

  • On September 5, 2018, the Transportation Revenue Variable Rate Bonds, Subseries 2015E-2, $193,565,000, were subject to a mandatory tender, converted to a Term Rate Mode to bear interest at an Adjusted SIFMA Rate, and were purchased by RBC Capital Markets, LLC and transferred to its affiliate, Royal Bank of Canada. The remarketed bonds have a new CUSIP, 59261AXA0. The next Mandatory Purchase Date for the TRB Subseries 2015E-2 is September 5, 2023. For more information see the voluntary notice and attached Certificate of Determination and Appendix A-2.

  • Google Translate