Philadelphia Industrial says multi-modal bonds have mandatory tender

By Tali Rackner

Norfolk, Va., April 25 - The Philadelphia Authority for Industrial Development said that if the conditional redemption for all $117,275,000 of its 2007 series B-1 multi-modal lease revenue refunding bonds does not occur on May 14 due to insufficient funds, they are still subject to mandatory tender for purchase on May 16, according to a notice.

As previously reported, the bonds, which are due on Oct. 1, 2030, will be redeemed at par plus accrued interest to the May 14 redemption date.

The Bank of New York Mellon Trust Co., NA is the trustee.

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