DALLAS -Houston's Metropolitan Transit Authority is seeking a new letter of credit to back its short-term debt as it plans a $3 billion expansion of its light-rail system.

Financial adviser Drew Masterson of First SouthwestCo. told the authority board that Depfa Bank may not renew its $200 million letter of credit when it expires in June. The MTA, more commonly known as Metro, is looking for a new backer for its commercial paper program, which it is increasing from its current $200 million size to $300 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.