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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 May 20, 2020. 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 April 11, 2022.
Revolving Credit Agreements
On August 24, 2017, MTA entered into a taxable revolving credit agreement with JPMorgan Chase Bank, National Association that is active through August 24, 2022, and has been amended twice, so that total amount on the line of credit is $800 million. 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 taxable revolving credit agreement with Bank of America, National Association that is active through August 24, 2022, and has been amended once, so the total amount on the line of credit is $400 million. For more information, see the credit agreement, and the first amendment to the credit agreement.
Funds on the revolving credit agreements may be used for operational or capital purposes. The following Table 1 shows the draws that have been made and associated repayments on these revolving credit facilities, and any additional draws will be indicated below.
Table 1 Working Capital Revolving Credit Facilities
RAN Series |
RAN Bank |
Draw Date |
Draw Amount |
Repayment Date |
Amount Repaid |
Balance Drawn |
|---|---|---|---|---|---|---|
2017A |
JPMorgan |
8/24/2017 |
$3,500,000 |
2/19/2019 |
$3,500,000 |
$0 |
2018A |
JPMorgan |
8/14/2018 |
$3,500,000 |
6/24/2019 |
$3,500,000 |
$0 |
2019A |
JPMorgan |
1/18/2019 |
$300,000,000 |
2/15/2019 |
$300,000,000 |
$0 |
2019B |
JPMorgan |
2/19/2019 |
$3,500,000 |
5/30/2019 |
$3,500,000 |
$0 |
2019C |
JPMorgan |
3/29/2019 |
$10,000,000 |
5/30/2019 |
$10,000,000 |
$0 |
2019D |
JPMorgan |
4/16/2019 |
$10,000,000 |
6/17/2019 |
$10,000,000 |
$0 |
2019E |
JPMorgan |
5/14/2019 |
$45,000,000 |
1st payment 6/14/2019; 2nd payment 11/13/2020 |
$38,000,000; $7,000,000 |
$0 |
2019F |
JPMorgan |
8/16/2019 |
$1,000,000 |
2/1/2021 |
$1,000,000 |
$0 |
2020A |
JPMorgan |
3/20/2020 |
$792,000,000 |
1st payment 7/23/2020; 2nd payment 9/7/2021 |
$413,517,318; $378,482,682 |
$0 |
2020B |
BANA |
3/20/2020 |
$200,000,000 |
1st payment 7/23/2020; 2nd payment 8/31/2021 |
$104,671,571; $95,328,429 |
$0 |
2020C |
BANA |
4/22/2020 |
$2,500,000 |
9/1/2021 |
$2,500,000 |
$0 |
2021A |
BANA |
4/16/2021 |
$300,000,000 |
3/21/2022 |
$300,000,000 |
$0 |
2021B |
JPMorgan |
4/16/2021 |
$420,000,000 |
3/24/2022 |
$420,000,000 |
$0 |
2021C |
BANA |
8/31/2021 |
$95,328,429 |
3/31/2022 |
$95,328,429 |
$0 |
2021D |
BANA |
9/1/2021 |
$2,500,000 |
4/1/2022 |
$2,500,000 |
$0 |
2021E |
JPMorgan |
9/7/2021 |
$378,482,682 |
4/11/2022 |
$378,482,682 |
$0 |
Numbers may not total due to rounding.