Delaware River Port Authority, N.J., intends to sell $320 million revenue bonds Thursday

By Sheri Kasprzak

New York, June 25 - The Delaware River Port Authority of New Jersey is set to price $320 million in series 2010 revenue bonds on Thursday, according to a preliminary official statement.

The bonds (A3/A-/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Janney Montgomery Scott LLC and Wells Fargo Securities LLC.

The offering includes tax-exempt bonds and Build America Bonds, but the exact breakdown could not be determined.

The BABs are due 2040, and the tax-exempt bonds are due 2027 to 2030 with a term bond due 2040.

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.

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