Delaware River Toll Bridge $127.65 million bonds have mandatory tender

By Tali Rackner

Norfolk, Va., April 8 - The Delaware River Joint Toll Bridge Commission said the interest rate mode on its $127.65 million of series 2007B bridge system revenue bonds will be converted to a new Sifma index rate mode on May 1, according to a notice.

The $63,825,000 of 2007B-1 bonds and $63,825,000 of 2007B-2 bonds are subject to mandatory tender and will be purchased at par plus accrued interest on May 1.

Upon conversion of the bonds to the new Sifma index rate mode, during the Sifma index rate period beginning on the effective date: (a) the special mandatory purchase date for the bonds will be May 1, 2017; (b) the applicable spread for the bonds will be 0.6%, subject to re-adjustment as set forth in the applicable index rate agreement.

TD Bank, NA is the trustee.

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