The New Jersey Transportation Trust Fund Authority yesterday approved the conversion of $345 million of Series 2003 B1-B5 auction-rate securities into variable-rate mode in order to gain lower interest rates on the bonds.

Goldman Sachs & Co., which priced the 2003 bonds, will serve as manager on the upcoming restructuring as well. The deal could price within the next few weeks and would allow the authority to lower interest costs by exiting the auction-rate market, which began to demonstrate pronounced volatility in February.

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.