Past Bond Issuances

Bond Issues

May 1, 1954 Original Bond Issue $239,000,000

(To fund the Initial Turnpike )

January 1, 1962 $218,000,000

Series A $100,000,000

Series A (1964 Issue) $38,000,000

Series B $80,000,000

(To pay for the Boston Extension)

November 1, 1968 Bond Issue $15,000,000

(Special Construction Fund)

July 16, 1986 $40,000,000

Series A

Turnpike Improvement Revenue Bonds

October 1, 1990

MIFA Bond Issue $47,000,000

Bond Issuance by MIFA [Massachusetts Industrial Finance Agency] with payments made by the MTA from tunnel revenues and other funds.

March 1, 1993 $365,555,000

Series A

(To Refund the Turnpike Improvement Revenue Bonds 1986 Series A,

and Fund the 5 Year Capital Improvements Program)

January 15, 1996

Guaranteed Bond Anticipation Notes $259,315,000

(Advance Refund the Outstanding Massachusetts Industrial Finance Agency Tunnel Bonds (MIFA) for the repairs on the Sumner and Callahan Tunnels and certain start-up costs associated with the Ted Williams Tunnel )

March 20, 1997

Metropolitan Highway System (MHS) Legislation—New Enabling Act for the MTA enacted March 20, 1997 -Refund the 1993 Bonds to split the MTA into the MHS and the Western Turnpike System; Repay the 1996 BANs from MHS resources; Finance the new $700 million contribution to the CA/T Project as required by legislation from the MHS cost center by 12/31/98; Assume project management role in the CA/T Project.

September 24, 1997

Metropolitan Highway System Revenue Bonds $1,377,726,617

Series A (Senior) $1,183,046,617

Series B (Subordinated) $ 194,680,000

Series C (Senior) $ 89,136,005.95

Western Turnpike Revenue Bonds

Series A $297,520,000

March 15, 1999

Series A (Subordinated) $808,975,000

MHS Bonds were issued to pay the Commonwealth of MA for certain costs related to the CA/T Project and to refund certain indebtedness, while funding the Debt Service Reserve Fund.

April 1, 2010

Metropolitan Highway System Revenue Bonds $853,555,000

Commonwealth Contract Assistance Secured

VRDOS Series A 1-7 (Subordinated) $592,335,000

Series B (Subordinated) $261,220,000

MHS Subordinated Bonds were issued for the purpose of refunding fixed rate bonds, in order to capture present value savings and to switch to floating rate bonds [VRDBs], in order to align the debt profile with the outstanding swaps.

May 19, 2010

Metropolitan Highway System Revenue Bonds $1,089,975,000

VRDOS Series A 1-2 (Senior) $207,665,000

Series B (Senior) $882,310,000

MHS Senior Bonds were issued for the purpose of refunding fixed rate bonds, in order to capture present value savings and to switch to floating rate bonds [VRDBs], in order to align the debt profile with the outstanding swaps.

November 15, 2011

Western Turnpike Revenue Bonds $90,110,000

Series A $7,375,000

Series B (Federally Taxable) $82,735,000

Western Turnpike Bonds were issued to capture present value savings.

May 1, 2018

Metropolitan Highway System Revenue Bonds $135,690,000

Commonwealth Contract Assistance Secured

Series A (Subordinated)

MHS Bonds were issued to refund bonds and to pay the costs associated with terminating two interest rate swaps.

Jan 15, 2019

Metropolitan Highway System Revenue Bonds $437,195,000

Commonwealth Contract Assistance Secured

Variable Rate [Term Rate] Series A (Subordinated) $371,380,000

Series B-1 (Subordinated) $51,230,000

Series B-2 (Subordinated/ Fed Taxable] $14,585,000

MHS Bonds were issued to refund a portion of VRDBs and to pay the costs associated with terminating one interest rate swap and partially terminating another.

October 2, 2019

Metropolitan Highway System Revenue Bonds $464,650,000

Series A (Senior)

Metropolitan Highway System Revenue Bonds $199,505,000

Commonwealth Contract Assistance Secured

Series C (Subordinated)

MHS Bonds were issued to refund outstanding bonds in order to capture present value savings on both the senior and subordinated series.

November 9, 2022

Metropolitan Highway System Revenue Refunding Bonds $371,380,000

Commonwealth Contract Assistance Secured

Variable Rate Demand Obligations, 2022 Series A-1, Series A-2 and Series A-3

MHS Variable Rate Demand Bonds were issued to refund the outstanding fixed rate bonds, with a Jan 1, 2023 tender date in the principal amount of $371,380,000, in order to align with the Swaps that went live on the first of the year, establishing a synthetic fixed rate structure.

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