Published on 10/17/2012 in the Prospect News Municipals Daily.
New Issue: Delaware River and Bay Authority, Del., sells $96.66 million of bonds
By Sheri Kasprzak
New York, Oct. 17 - The Delaware River and Bay Authority of Delaware priced $96,655,000 of series 2012 revenue and refunding bonds, according to a pricing sheet.
The bonds (A1/A/) were sold through Citigroup Global Markets Inc.
The offering included $58,635,000 of series 2012A revenue bonds and $38.02 million of series 2012B revenue refunding bonds.
The 2012A bonds are due 2031 to 2033 with a term bond due in 2042. The serial bonds have 4% coupons. The 2042 bonds have a 5% coupon priced at 114.933.
The 2012B bonds are due 2023 to 2033 with 3% to 5% coupons.
Proceeds will be used to finance capital improvements to the Delaware Memorial Bridge and refund existing authority debt.
| Issuer: | Delaware River and Bay Authority
|
| Issue: | Series 2012 revenue and refunding bonds
|
| Amount: | $96,655,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | Oct. 17
|
| Settlement date: | Nov. 6
|
|
|
| $58,635,000 series 2012A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.3 million | 2031 | Serial | 4% | 107.243
|
| $7,595,000 | 2032 | Serial | 4% | 106.706
|
| $7,895,000 | 2033 | Serial | 4% | 106.171
|
| $35,845,000 | 2042 | Term | 5% | 114.933
|
|
|
| $38.02 million series 2012B revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.78 million | 2023 | Serial | 5% | 124.627
|
| $2,915,000 | 2024 | Serial | 5% | 123.3
|
| $3.06 million | 2025 | Serial | 5% | 122.291
|
| $3.22 million | 2026 | Serial | 3% | 100
|
| $3,315,000 | 2027 | Serial | 4% | 108.967
|
| $3,445,000 | 2028 | Serial | 4% | 108.419
|
| $3,585,000 | 2029 | Serial | 4% | 107.875
|
| $3,725,000 | 2030 | Serial | 4% | 107.333
|
| $3,875,000 | 2031 | Serial | 3% | 97.125
|
| $3.99 million | 2032 | Serial | 3.125% | 97.945
|
| $4.11 million | 2033 | Serial | 3.25% | 98.684
|
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