Massachusetts officials selected four investment firms to work on refinancing $800 million of fixed-rate Massachusetts Turnpike Authority debt into variable-rate mode.
The four banks are Citi, Bank of America Merrill Lynch, Barclays Capital, and JP Morgan, according to Cyndi Roy, spokeswoman for the Executive Office of Administration and Finance.
The authority would like to switch the debt into floating rate as there are floating-to-fixed-rate swaps with UBS Securities LLC attached to the fixed-rate bonds.
On Nov. 1, MassPike ceased to exist and the authority’s roadways were merged under a new bonding authority, the Massachusetts Department of Transportation.
