The Massachusetts Department of Transportation plans to refinance by mid-April up to $2.27 billion of debt that helped fund Boston’s Central Artery Project, known as the Big Dig.

MassDOT’s board yesterday approved refinancing outstanding senior and subordinated Metropolitan Highway System bonds the former Massachusetts Turnpike Authority sold in 1997 and 1999. Citi will serve as book-runner on the subordinated refinancing, said Massachusetts Bay Transportation Authority , chief financial officer Jonathan Davis. Oofficials asked him to help structure the $2.27 billion refinancing deal.

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.