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Bay Area Toll Authority, Calif., preps $1.38 billion toll bridge bonds
By Sheri Kasprzak
New York, July 3 – The Bay Area Toll Authority of California is prepared to price $1,381,915,000 of series 2014 San Francisco Bay area toll bridge bonds, according to a preliminary official statement.
The offering includes $240,645,000 of series 2014A term-rate bonds, $545.63 million of series 2014B term-rate bonds, $395.64 million of series 2014C term-rate bonds and $200 million of series 2014F-1 fixed-rate bonds.
The bonds (Aa3/AA/AA-) will be sold on a negotiated basis with BofA Merrill Lynch and J.P. Morgan Securities LLC as the senior managers. The co-managers are Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The term-rate bonds are due April 1, 2047. The series 2014F-1 bonds are due April 1, 2054.
Proceeds will be used to finance capital projects, as well as to refund the authority’s series 2008F-1 bonds.
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