Published on 1/13/2016 in the Prospect News Municipals Daily.
New Issue: Delaware Transportation brings to market $181.48 million revenue bonds
By Sheri Kasprzak
New York, Jan. 13 – The Delaware Transportation Authority offered $181,475,000 of series 2016 transportation system senior revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through BofA Merrill Lynch.
The bonds are due 2019 to 2029 with 2% to 5% coupons and 0.96% to 2.55% yields.
Proceeds will be used to finance capital projects, as well as to refund the authority’s series 2006, 2008A-B and 2009A bonds.
| Issuer: | Delaware Transportation Authority
|
| Issue: | Series 2016 transportation system senior revenue bonds
|
| Amount: | $181,475,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC and M&T Securities Inc. (co-managers)
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA+
|
| Pricing date: | Jan. 12
|
| Settlement date: | Feb. 2
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,075,000 | 2019 | Serial | 3% | 106.834 | 0.96%
|
| $1,245,000 | 2020 | Serial | 2% | 103.954 | 1.08%
|
| $11.58 million | 2020 | Serial | 5% | 116.851 | 1.08%
|
| $870,000 | 2021 | Serial | 4% | 114.633 | 1.20%
|
| $12.55 million | 2021 | Serial | 5% | 119.86 | 1.20%
|
| $2,225,000 | 2022 | Serial | 3% | 110.039 | 1.36%
|
| $11.86 million | 2022 | Seral | 5% | 122.283 | 1.36%
|
| $200,000 | 2023 | Serial | 2% | 103.281 | 1.53%
|
| $14,545,000 | 2023 | Serial | 5% | 124.231 | 1.53%
|
| $10,125,000 | 2024 | Serial | 4% | 117.787 | 1.72%
|
| $12.6 million | 2024 | Serial | 5% | 125.589 | 1.72%
|
| $8,245,000 | 2025 | Serial | 4% | 118.211 | 1.88%
|
| $15,525,000 | 2025 | Serial | 5% | 126.802 | 188%
|
| $24.87 million | 2026 | Serial | 5% | 128.183 | 1.99%
|
| $1 million | 2027 | Serial | 2% | 98.688 | 2.13%
|
| $16.93 million | 2027 | Serial | 5% | 126.997 | 2.10%
|
| $18,815,000 | 2028 | Serial | 3% | 105.877 | 2.36%
|
| $1.61 million | 2029 | Serial | 2.5% | 99.433 | 2.55%
|
| $14,605,000 | 2029 | Serial | 3% | 104.464 | 2.51%
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