CHICAGO - Under pressure to act soon, the financially strapped St. Louis Metro transit agency is weighing how best to restructure $100 million of insured floating-rate bonds from a 2002 issue, a task complicated by increased liquidity costs and possible swap termination payments.

The various issues facing the agency as it considers how to deal with the increased rates it currently is paying on the bonds because of market turmoil provide a snapshot of the restructuring problems that have triggered headaches for many issuers over the last year.

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