Pennsylvania Turnpike $300 million of bonds have mandatory tender

By Melissa Kory

Cleveland, May 16 - The Pennsylvania Turnpike Commission said that its $100 million of series 2008B-1, $100 million of series 2008B-2 and $100 million of series 2008B-3 turnpike multimodal revenue bonds are subject to a mandatory tender for purchase on May 26 at par.

The mandatory tender is a result of the expiration of the bonds' existing letter of credit on May 31.

However, the commission said that if a substitute letter of credit from Barclays Bank plc is delivered by May 25, the mandatory tender will be canceled.

U.S. Bank, NA is the trustee.

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