The New Jersey Turnpike Authority will take action on $550 million of debt within the next two months to convert auction-rate securities into variable-rate mode, pay down outstanding floating-rate debt, and generate new money for the agency's major road-widening project.

Recent instability in the auction-rate market has cost the NJTA roughly $1 million to $1.5 million in additional interest rate costs during the past two to three weeks, according to Dennis Enright, a principal at NW Financial Group, the authority's financial adviser.

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.