TITLE

N.Y. MTA Plans Competitive Swap to Refund $350 Million

AUTHOR(S)
Whalen, Robert
PUB. DATE
February 2005
SOURCE
Bond Buyer;2/24/2005, Vol. 351 Issue 32077, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that according to finance director Patrick McCoy New York's Metropolitan Transportation Authority (MTA) plans to execute a competitively bid interest-rate swap in the coming weeks to refund up to $350 million of dedicated tax-fund backed bonds. The MTA also plans to sell $150 million of tax-exempt revenue bonds in April. The authority will "prequalify" eight firms to compete as a potential counterparty for the swap, which is expected to generate present-value savings of about $30 million, McCoy said. McCoy said that one of those firms will be chosen to in April market about $150 million of Triborough Bridge and Tunnel Authority revenue bonds, which are backed by toll revenue from the MTA's New York City-area bridges and tunnels.
ACCESSION #
16235931

 

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