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TRANSACTIONS NEWSLETTER ONLINE

February 2003

Bond Deal Honored
The MTC-sponsored Bay Area Toll Authority (BATA) took Far West Region honors for 2002 in the inaugural “Deal of the Year Awards” sponsored by The Bond Buyer, a New York City-based publication specializing in municipal finance. The award is in recognition of “innovation in the public finance market.”

Brian MayhewBrian Mayhew accepted the award on behalf of BATA. (Photo: Kit Morris)
BATA was honored for engineering an “interest-rate swap” in January 2002 that enabled the agency to lock in low fixed-interest rates (4.1 percent for 35 years) on $300 million in variable-rate bonds. The transaction affect-ed bonds that were part of BATA’s first-ever debt offering, which was completed in 2001.

“To receive this kind of recognition so early in BATA’s financial career is indeed a high honor,” said Brian Mayhew, BATA’s chief financial officer and the architect of the winning transaction.

Proceeds from the BATA bonds are financing major improvements to Bay Area toll bridges.
— Joe Curley


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