New York’s MTA May Refinance Most Debt Since 2002 as Rates Fall
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New York’s Metropolitan Transportation Authority may refinance as much as $6.7 billion of debt this year, the most in a decade, to take advantage of borrowing costs near the lowest in at least 20 years.
The first portion of the bonds eligible for refunding become callable April 1, with the rest on Aug. 15, Patrick McCoy, finance director for the MTA, said today. The largest U.S. transit agency refinanced $13.5 billion in 2002, when yields fell to the lowest since the late 1960s.