1. Home
  2. Investor information
  3. Commercial Lines of Credit

Commercial Lines of Credit

Updated Apr 11, 2022

Note: Our investor terms of use apply.

 

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)

$ 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 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.