North Carolina to Sell $439.8M in Bonds to Help Finance Highway Projects

Dow Jones

04-18

By Patrick Sheridan

The state of North Carolina will issue approximately $439.8 million in bonds to help finance and refinance federal aid highway projects.

The Series 2025 Grant Anticipation Revenue Vehicle Bonds and Refunding Bonds have maturities ranging from 2026 through 2040, according to the preliminary official statement posted Thursday on MuniOS. No pricing information was available.

Interest on the bonds will be payable March 1 and Sept. 1, beginning Sept. 1, 2025.

The bonds are secured by a lien on all revenues consisting of legally available federal transportation funds received by the state.

Proceeds will be used to help the state leverage federal funds for highway projects by allowing it to borrow against future reimbursements.

Projects likely to be financed with proceeds include an extension of the Triangle Expressway System in Wake County that will complete a full loop around the greater Raleigh area. The new highway will feature all-electronic tolling that allows vehicles to travel at highway speeds without needing to stop and pay cash tolls.

A portion of the proceeds will also be used to refund all or a portion of the outstanding principal amount of previously issued bonds.

S&P Global Ratings and Moody's Ratings have assigned AA and Aa3 ratings to the bonds, respectively.

J.P. Morgan Securities in the lead underwriter on the deal.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

April 17, 2025 12:16 ET (16:16 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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The new highway will feature all-electronic tolling that allows vehicles to travel at highway speeds without needing to stop and pay cash tolls. \n</p>\n<p>\n  A portion of the proceeds will also be used to refund all or a portion of the outstanding principal amount of previously issued bonds. \n</p>\n<p>\n  S&amp;P Global Ratings and Moody's Ratings have assigned AA and Aa3 ratings to the bonds, respectively. \n</p>\n<p>\n  J.P. 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The new highway will feature all-electronic tolling that allows vehicles to travel at highway speeds without needing to stop and pay cash tolls. \n</p>\n<p>\n  A portion of the proceeds will also be used to refund all or a portion of the outstanding principal amount of previously issued bonds. \n</p>\n<p>\n  S&amp;P Global Ratings and Moody's Ratings have assigned AA and Aa3 ratings to the bonds, respectively. \n</p>\n<p>\n  J.P. Morgan Securities in the lead underwriter on the deal. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Patrick Sheridan at patrick.sheridan@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 17, 2025 12:16 ET (16:16 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CARO","symbol_name":"Carolina Financial Corporation","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2528723371","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2528723371","pubTimestamp":1744906560,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The state of North Carolina will issue approximately $439.8 million in bonds to help finance and refinance federal aid highway projects.The Series 2025 Grant Anticipation Revenue Vehicle Bonds and Refunding Bonds have maturities ranging from 2026 through 2040, according to the preliminary official statement posted Thursday on MuniOS. 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No pricing information was available. \n\n\n  Interest on the bonds will be payable March 1 and Sept. 1, beginning Sept. 1, 2025. \n\n\n  The bonds are secured by a lien on all revenues consisting of legally available federal transportation funds received by the state. \n\n\n  Proceeds will be used to help the state leverage federal funds for highway projects by allowing it to borrow against future reimbursements. \n\n\n  Projects likely to be financed with proceeds include an extension of the Triangle Expressway System in Wake County that will complete a full loop around the greater Raleigh area. The new highway will feature all-electronic tolling that allows vehicles to travel at highway speeds without needing to stop and pay cash tolls. \n\n\n  A portion of the proceeds will also be used to refund all or a portion of the outstanding principal amount of previously issued bonds. \n\n\n  S&P Global Ratings and Moody's Ratings have assigned AA and Aa3 ratings to the bonds, respectively. \n\n\n  J.P. Morgan Securities in the lead underwriter on the deal. \n\n\n \n\n\n  Write to Patrick Sheridan at patrick.sheridan@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 17, 2025 12:16 ET (16:16 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}