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NJ Turnpike Authority plans for refinancing major highways

WOODBRIDGE, N.J. (APP) – The New Jersey Turnpike Authority plans to refinance $600 million of 2003 and 2005 debt and estimated $26 million in interest over time.

The approval allows the Authority to borrow up to $1.4 billion in March to fund its continued 10-year $7 billion capital construction program. The $1.4 billion would go toward the widening of the Parkway and Turnpike, restoration of Parkway shoulders between Wall and Toms River, redecking of the Hudson Bay extension to the Holland Tunnel and interchange improvements.

Without the borrowing, construction would grind to a halt, said Donna Manuelli, chief financial officer.