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This rule translates to a relative size of 40% to 60% for the pooled entity.
In fact, the value of the shares exchanged often is far above the pooled company's share price at the announcement date.
The New Bedford and SESD indentures are closed, and while the MWRA indenture is technically still open, the MWPAT has provided loans to all three borrowers through its pooled program and expects to continue to do so in the future.