SAN FRANCISCO - The Bay Area Toll Authority in California plans to restructure its entire $2.4 billion portfolio of Ambac Assurance Corp.-backed variable-rate debt in the coming months, its second major debt restructuring spurred by insurer downgrades this year.

BATA plans to convert $1.9 billion of insured variable-rate demand obligations to uninsured VRDOs with new liquidity facilities. It will also refund $510 million of Ambac-insured auction-rate securities with fixed-rate bonds before the end of August. With cost of issuance and $200 million of new money included, that deal will total about $800 million.

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