WASHINGTON — North Carolina Tuesday expects to competitively price $494.6 million of general obligation refunding bonds, taking advantage of record-low tax-exempt interest rates to exit interest-rate swaps.

The bonds will refund variable-rate demand obligations issued in 2002. Today's deal will also pay $54 million in interest-rate swap termination fees to Goldman, Sachs & Co. and Bank of America Merrill Lynch, according to Moody's Investors Service.

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