TITLE

SEPTA's $131M Variable-Rate Deal Will Lead to Swap

AUTHOR(S)
Stark, Jonna
PUB. DATE
February 2007
SOURCE
Bond Buyer;2/26/2007, Vol. 359 Issue 32575, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the plan of Southeastern Pennsylvania Transportation Authority ( SEPTA) to sell $131 million of variable-rate debt, aimed at refunding bonds sold in 1997. Merrill Lynch & Co., which is the broker-dealer of the transaction, will exercise its option to require SEPTA to enter into a swap agreement. According senior analyst, SEPTA received a $19.1 million payment from Merrill for the swaptions with exercise dates in 2005, 2007 and 2009.
ACCESSION #
24356388

 

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