Pennsylvania Turnpike multimodal bonds due 2038 have mandatory tender

By Melissa Kory

Cleveland, April 26 - The Pennsylvania Turnpike Commission said that its outstanding $100 million of series 2008B-1 and $50 million of series 2008C multimodal revenue bonds due Dec. 1, 2038 and June 1, 2038, respectively, are subject to a mandatory tender for purchase on May 25.

The bonds will be purchased at par.

The mandatory tender is a result of the replacement of the bonds' existing letter of credit issued by Bank of America, NA with an alternative letter of credit issued by Barclays Bank plc on May 25.

U.S. Bank, NA is the trustee.

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