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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 |
|---|---|---|---|---|---|
$1,000 |
$0 |
$0 |
$0 |
$1,000 |
$1,000 |
*As of November 8, 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 credit agreement with Bank of America, National Association, which has been amended to a $200 million credit agreement and extended and is active through July 30, 2027. For more information see the revolving credit agreement as amended by the First Amendment to the 2022 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.