DALLAS — As a young agency with a senior debt rating at the lowest rung of investment grade, the Central Texas Regional Mobility Authority needed an innovative approach to finance its latest project known as the 183A Toll Road Extension.

To get the next phase of the successful toll road under way as soon as possible, the CTRMA devised a sophisticated $140 million deal through its underwriter JPMorgan that involved private placement of $45 million of unrated subordinate Build America Bonds and $95 million of tax-exempt senior bonds priced in the public debt market with a BBB-minus rating.

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