Pennsylvania Turnpike cancels mandatory tender for 2008B-1 bonds

By Melissa Kory

Cleveland, May 27 - The Pennsylvania Turnpike Commission said that it canceled the previously announced mandatory tender for its series 2008B-1 turnpike multimodal revenue bonds due Dec. 1, 2038.

The mandatory tender was announced on May 16 and was originally scheduled for May 26 at par.

The tender has been canceled because the bonds' existing letter of credit was replaced by a letter of credit from Barclays Bank plc.

U.S. Bank, NA is the trustee and agent.

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