LA Metro Debt Sale Helps Pay for Subway Serving Olympics, UCLA

The Los Angeles County Metropolitan Transportation Authority sold about $900 million of debt this week to refund older bonds and finance transit projects, including an extension of a subway line that will serve UCLA and the future Olympic village for the 2028 Summer Games in the city.

The securities, which have a top rating from S&P Global Ratings, are backed by a 0.5% county sales tax that voters approved in 2008, called Measure R, to help pay for transportation needs. About $326 million of the sale refunded bonds issued in 2016, with the remainder repaying short-term debt and funding capital ...