MARTA Raises Capital, Saves Millions
MARTA will refund $148 million of its series 2020B and 2021D bonds, resulting in $8.2 million in net present value savings on future interest costs.
Recognizing the volatility in the financial markets, MARTA was able to leverage its strong financial positioning and high AAA credit ratings to achieve favorable borrowing conditions.
Photo: MARTA
The Metropolitan Atlanta Rapid Transit Authority (MARTA) board approved a resolution to execute financial transactions that will generate substantial savings and increase the authority’s liquidity by hundreds of millions of dollars.
MARTA will refund $148 million of its series 2020B and 2021D bonds, resulting in $8.2 million in net present value savings on future interest costs.
In addition, the board authorized the issuance of a new money bond with a par value of $328 million, resulting in MARTA receiving $350 million in funds due to market conditions.
MARTA Taking Steps
Recognizing the volatility in the financial markets, MARTA was able to leverage its strong financial positioning and high AAA credit ratings to achieve favorable borrowing conditions.
“This transaction allows MARTA to achieve significant savings on borrowing costs while securing the necessary funding to support our operational and capital needs,” said MARTA GM/CEO Collie Greenwood. “We appreciate the prudent judgement of our board.”
MARTA successfully executed this transaction with support from PFM Financial Advisors, and a legal team from Holland & Knight LLP, Kutak Rock LLP, and Townsend & Lockett LLC.
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