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Article: Pennsylvania Agency Plans Forward Swap To Fund Roadway.
- Article from:
- The Bond Buyer
- Article date:
- November 30, 1998
CopyrightCOPYRIGHT 1998 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Hoffman, David
Anxious to lock in the current attractive interest rates for a deal that has been sidetracked by a court battle, the Pennsylvania Turnpike Commission is turning to the derivatives market for a forward swap.
"We think for an agency of our type, it's somewhat creative, and it's very different from what our history has been," said John Durbin, the commission's executive director.
At issue is $250 million of motor vehicle registration fee-backed bonds the agency wants to sell to help fund construction of the Mon-Feyette Southern Beltway, a stretch of road being constructed between the West Virginia border and Route 70, south of ...