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Commercial Lines of Credit

Updated Aug 23, 2024

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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 21, 2024

Revolving Credit Agreements

On August 2, 2022, MTA entered into a taxable revolving $800 million credit agreement with JPMorgan Chase Bank, National Association, which is active through April 28, 2026, after executing the First Amendment on August 21, 2024.  For more information see the 2022 revolving credit agreement and the First Amendment to the 2022 credit agreement.

On August 2, 2022, MTA entered into a taxable revolving $400 million credit agreement with Bank of America, National Association, which is active through August 1, 2025.  For more information see the revolving credit agreement. 

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.  There have been no draws on the lines of credit since entering into the credit agreements.

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.