N. Y. MTA Accelerates $500M Deal

McDonald, Michael
April 2003
Bond Buyer;4/22/2003, Vol. 344 Issue 31619, p1
Trade Publication
New York's Metropolitan Transportation Authority (MTA) is moving up the sale of $500 million in revenue bonds to the week of May 5, 2003 from this summer in order to lock in interest rates that it expects could rise. The authority might also price a forward swap on $500 million in new-money bonds it also plans to sell in the third quarter. Last year, the MTA sold more than $13 billion in refunding bonds in a debt restructuring that reduced the number of its underlying credits to five from 13. This year it expects to sell around $3 billion, including approximately $500 million in new-money bonds each quarter. The upcoming $500 million is for ongoing capital projects in the system, which includes New York City Transit's buses and subways, Long Island Rail Road, and Metro-North Railroad. The authority already hiked New York City's subway and bus fares in March by 50 cents to $2 and raised bridge tolls in order to plug a projected $952 million, two-year budget gap. The MTA has also been buffeted recently by a bribery scandal in which contractors have admitted paying off officials, who were since fired, in the authority's building management group.


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