BRADENTON, Fla. The Florida Municipal Power Agency plans to restructure more than $871 million of debt in order to "completely exit the auction-rate securities market," general manager Roger Fontes said late Tuesday.

The proposed debt restructuring is expected to occur in seven transactions over the next few months, starting in July, enabling the FMPA to refinance $871 million of auction-rate securities and issue nearly $305 million in new debt to primarily fund new power supply facilities.

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