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Commercial Lines of Credit

Updated Aug 3, 2022

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MTA currently has two commercial lines of credit, both of which are taxable revolving credit agreements. The agreements are pursuant to the Transportation Revenue Anticipation Note Resolution, approved by the MTA Board on July 24, 2013, and amended and restated through April 27, 2022. Draws under the credit agreements will be evidenced by revenue anticipation notes (“RANs”).

Commercial Lines of Credit (Summary)

$ in millions*

Total Capacity

Total Drawn

Spent Amount from Draws

Unspent Amount from Draws

Total Undrawn

Liquidity Remaining from Lines of Credit

$1,200

$0

$0

$0

$1,200

$1,200

*As of August 2, 2022.

Revolving Credit Agreements

On August 2, 2022, MTA entered into a new $800 million taxable revolving credit agreement with JPMorgan Chase Bank, National Association, which is active through August 1, 2025.  For more information see the credit agreement.  This agreement replaces the revolving credit agreement dated August 24, 2017, as amended, between MTA and JP Morgan, which was terminated pursuant to its terms.

On August 2, 2022, MTA entered into a new $400 million taxable revolving credit agreement with Bank of America, National Association, which is active through August 1, 2025.  For more information see the credit agreement.  This agreement replaces the revolving credit agreement dated August 16, 2019, as amended, between MTA and Bank of America, which was terminated pursuant to its terms.

Funds on the revolving credit agreements may be used for operational or capital purposes. The following Table 1 will show the draws that have been made and associated repayments on these revolving credit facilities. 

Table 1 Working Capital Revolving Credit Facilities

RAN Series

RAN Bank

Draw Date

Draw Amount

Repayment Date

Amount Repaid

Balance Drawn

Numbers may not total due to rounding.