Valdez, Alaska's BP Pipelines series 2003 bonds have mandatory tender

By Marisa Wong

Madison, Wis., Feb. 11 - The City of Valdez, Alaska, said its BP Pipelines (Alaska) Inc. Project marine terminal revenue refunding bonds, series 2003A, 2003B and 2003C, are subject to mandatory tender for purchase on March 1.

Affected are $93.5 million of 2003A bonds due June 1, 2037, $375 million of 2003B bonds due July 1, 2037 and $128.23 million of 2003C bonds due July 1, 2037.

The bonds will be purchased at par.

The mandatory tender follows the conversion of the bonds' interest rate to the flexible mode from the daily mode.

Deutsche Bank Trust Co. Americas is the trustee and agent.

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