New Jersey Turnpike Authority to sell $275 million BANs

By Sheri Kasprzak

New York, Jan. 26 - The New Jersey Turnpike Authority is expected to price $275 million in series 2009 subordinate turnpike revenue bond anticipation notes, according to a preliminary official statement released Monday.

The BANs (MIG1) are due Dec. 31, 2009 and will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager.

Proceeds will be used to refund the authority's series 2008B BANs, to repurchase its series 1991D, 2000B-G, 2003C and 2003D bonds and fund improvements to the turnpike system.

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