Pennsylvania Turnpike calls revenue bonds, to tender multi-modal bonds

By Tali Rackner

Norfolk, Va., April 17 - The Pennsylvania Turnpike Commission called $361.77 million of its variable-rate turnpike revenue bonds, according to multiple notices.

The following will be redeemed at par plus accrued interest on May 20:

• $230,745,000 of series 2011 C-1 indexed floating-rate bonds due Dec. 1, 2038; and

• $61.5 million of series 2011 C-2 indexed floating-rate bonds due Dec. 1, 2038.

The following will be redeemed at par plus accrued interest on June 2:

• $52.07 million of series 2009 C Sifma rate plus 1.05% bonds due Dec. 1, 2014; and

• $17,455,000 of series 2011 D Sifma rate plus 0.55% bonds due Dec. 1, 2014.

The commission also said its series 2008 B-1 and 2008 C turnpike multi-modal revenue bonds are subject to mandatory tender.

The bonds will be purchased at par plus accrued interest on May 20.

The 2008 B-1 bonds were originally issued in the amount of $100 million, and the 2008 C bonds were originally issued in the amount of $50 million.

U.S. Bank NA is the trustee for the redemptions and the trustee and tender agent for the tenders.

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