California Tollway Sells $2 Billion Bond to Avoid Default
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The operator of three toll roads in California’s Orange County is selling $2.3 billion in bonds to refund debt as revenue trails projections.
The Foothill/Eastern Transportation Corridor Agency, which runs 36 miles (58 kilometers) of roads in California’s third-most-populous county, joins issuers nationwide selling a combined $11 billion of debt this week. California’s largest toll-road system is borrowing to refinance bonds and extend maturities and tolls by 13 years, to 2053. It requested state permission to do so in 2012, and got clearance in October.