By Sheri Kasprzak
New York, Dec. 1 - The Delaware Transportation Authority sold $119.305 million of series 2010 transportation system revenue bonds Wednesday, said a pricing sheet.
The bonds (Aa2/AA+/) were sold competitively with Bank of America Merrill Lynch winning the bid.
The sale included $18 million of series 2010A bonds and $101.305 million of series 2010B bonds.
The 2010A bonds are due 2011 to 2019 with 2.5% to 5% coupons.
The 2010B bonds were split into series 2010B-1 bonds and series 2010B-2 bonds. The 2010B-1 bonds are due 2011 to 2018 with 3% to 5% coupons, and the 2010B-2 bonds are due 2019 to 2025 with a 2030 term bond. The serial coupons range from 3.95% to 5.15%. The 2030 bonds have a 5.8% coupon priced at par.
Proceeds will be used to fund capital improvements to the state's transportation system.
| Issuer: | Delaware Transportation Authority
|
| Issue: | Series 2010 transportation system revenue bonds
|
| Amount: | $119.305 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 9
|
|
|
| $18 million series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.5% | 101.204
|
| 2012 | Serial | 3% | NRO
|
| 2013 | Serial | 3% | NRO
|
| 2014 | Serial | 3% | NRO
|
| 2015 | Serial | 3% | NRO
|
| 2016 | Serial | 5% | 117.787
|
| 2017 | Serial | 5% | 118.291
|
| 2018 | Serial | 4% | NRO
|
| 2019 | Serial | 5% | 118.312
|
|
|
| $101.305 million series 2010B
|
| Series 2010B-1
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 101.484
|
| 2012 | Serial | 4% | 105.274
|
| 2013 | Serial | 5% | 110.437
|
| 2014 | Serial | 5% | 113.282
|
| 2015 | Serial | 5% | 115.804
|
| 2016 | Serial | 5% | 117.787
|
| 2017 | Serial | 5% | 118.291
|
| 2018 | Serial | 5% | 118.486
|
|
|
| Series 2010B-2
|
| Maturity | Type | Coupon | Price
|
| 2019 | Serial | 3.95% | 99.853
|
| 2020 | Serial | 4.2% | 99.841
|
| 2021 | Serial | 4.4% | 99.830
|
| 2022 | Serial | 4.55% | 99.819
|
| 2023 | Serial | 4.7% | 99.809
|
| 2024 | Serial | 4.9% | 99.800
|
| 2025 | Serial | 5.15% | 99.793
|
| 2030 | Term | 5.8% | 100
|
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