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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
AmountMaturityTypeCouponPrice
$7.3 million2031Serial4%107.243
$7,595,0002032Serial4%106.706
$7,895,0002033Serial4%106.171
$35,845,0002042Term5%114.933
$38.02 million series 2012B revenue refunding bonds
AmountMaturityTypeCouponPrice
$2.78 million2023Serial5%124.627
$2,915,0002024Serial5%123.3
$3.06 million2025Serial5%122.291
$3.22 million2026Serial3%100
$3,315,0002027Serial4%108.967
$3,445,0002028Serial4%108.419
$3,585,0002029Serial4%107.875
$3,725,0002030Serial4%107.333
$3,875,0002031Serial3%97.125
$3.99 million2032Serial3.125%97.945
$4.11 million2033Serial3.25%98.684

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