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12/13/2021
The Metropolitan Atlanta Rapid Transit Authority's (MARTA) board last week approved of the refund of $369.6 million in series 2014A and 2015A bonds to reduce the agency's debt.
The move will save the agency an estimated $62 million over the life of the bonds, or about $47.3 million in present-day value, and will reduce debt expenses by $2.6 million annually.
MARTA's new series 2021D and 2021E taxable bonds are certified as green bonds by Kestrel, an independent verifier that confirmed the bond-financed projects advance MARTA's goals to reduce greenhouse gas emissions and provide access to "clean" transportation, MARTA officials said in a press release.
The financing marks MARTA's first issuance of green bonds, as well as its first time to offer a tender of exchange of investor bonds in order to enhance savings, they said.
"This savings enhances MARTA's financial position, allows for further investment in the state of good repair of our system, and demonstrates MARTA's commitment to sustainability," said MARTA General Manager and CEO Jeffery Parker.