Pennsylvania Turnpike cancels mandatory tender for 2008B-1 bonds

By Marisa Wong

Madison, Wis., May 13 - Pennsylvania Turnpike Commission gave notice that it has canceled the previously announced mandatory tender for its $100 million 2008 series B-1 turnpike multimodal revenue bonds due Dec. 1, 2038.

The mandatory tender was announced on April 25 and was originally scheduled for May 25, which is when the bonds' existing letter of credit from Bank of America, NA will be replaced by a letter of credit from Barclays Bank plc.

The tender has been canceled, because the letter of credit substitution will not result in a lowered or withdrawn rating from Moody's Investors Service or Standard & Poor's.

U.S. Bank NA is the trustee and agent.

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