By Sheri Kasprzak
New York, July 9 - The Delaware River Port Authority of New Jersey priced $308.375 million in series 2010E revenue bonds on Thursday, according to a pricing sheet.
The bonds (A3/A-/) were sold through Citigroup Global Markets Inc. The co-managers were Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Janney Montgomery Scott LLC and Wells Fargo Securities LLC.
The bonds are due 2027 to 2030 with term bonds due 2035 and 2040. The serial bonds have 5% coupons. The term bonds have split maturities. The 2035 bonds have a 5.05% coupon priced at par and a 5% coupon priced at 99.299. The 2040 bonds have a 5% coupon priced at 100.823 and a 5% coupon priced at 98.631.
Proceeds will be used to finance the authority's capital improvement program.
Based in Camden, N.J., the authority maintains and develops the Camden-Philadelphia port district, which links New Jersey and Pennsylvania with four bridges, mass transit and a ferry.
| Issuer: | Delaware River Port Authority
|
| Issue: | Series 2010E revenue bonds
|
| Amount: | $308.375 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Janney Montgomery Scott LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Pricing date: | July 8
|
| Settlement date: | July 15
|
|
|
| Maturity | Type | Coupon | Price
|
| 2027 | Serial | 5% | 101.961
|
| 2028 | Serial | 5% | 101.58
|
| 2029 | Serial | 5% | 100.974
|
| 2030 | Serial | 5% | 100.597
|
| 2035 | Term | 5% | 99.299
|
| 2035 | Term | 5.05% | 100
|
| 2040 | Term | 5% | 100.823
|
| 2040 | Term | 5% | 98.631
|
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