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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)
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 January 30, 2023
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.