The Massachusetts Department of Transportation this week will price $893.8 million of fixed-rate senior revenue bonds to refinance Metropolitan Highway System debt it took on from the former Massachusetts Turnpike Authority, followed by a $207.6 million variable-rate senior debt sale.

The $1.1 billion tax-exempt sale is the second part of MassDOT’s plan to refinance MHS bonds for present-value savings and switch fixed-rate debt into variable-rate mode to better match the bonds with five floating-to-fixed rate derivatives.

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