Published on 12/3/2015 in the Prospect News Municipals Daily.
New Issue: Delaware Transportation Authority sells $213.14 million of revenue bonds
By Sheri Kasprzak
New York, Dec. 3 – The Delaware Transportation Authority priced $213.14 million of series 2015 U.S. 301 project revenue bonds, according to a pricing sheet. The deal was downsized from $221.35 million.
The bonds (A1/AA-) were sold through BofA Merrill Lynch.
The bonds are due 2021 to 2023 and 2032 to 2040 with term bonds due in 2045 and 2055. The serial coupons range from 3.25% to 5% and yields range from 1.63% to 3.79%. The 2045 bonds have a 4% coupon priced at 102.374 to yield 3.7% and a 5% coupon priced at 114.062 to yield 3.26%. The 2055 bonds have a 5% coupon priced at 110.967 to yield 3.62%.
Proceeds will be used to finance a new 14-mile access-controlled highway near the Delaware-Maryland state line.
| Issuer: | Delaware Transportation Authority
|
| Issue: | Series 2015 U.S. 301 project revenue bonds
|
| Amount: | $213.14 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC and M&T Securities Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA-
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.22 million | 2021 | Serial | 5% | 117.531 | 1.63%
|
| $5,225,000 | 2022 | Serial | 5% | 119.225 | 1.83%
|
| $5,675,000 | 2023 | Serial | 5% | 120.689 | 2.00%
|
| $1,285,000 | 2032 | Serial | 3.25% | 97.996 | 3.41%
|
| $1.45 million | 2033 | Serial | 3.375% | 98.376 | 3.50%
|
| $2.45 million | 2034 | Serial | 3.5% | 99.058 | 3.57%
|
| $3.2 million | 2035 | Serial | 3.5% | 98.333 | 3.62%
|
| $3.5 million | 2036 | Serial | 3.5% | 97.991 | 3.64%
|
| $4 million | 2037 | Serial | 3.5% | 97.344 | 3.68%
|
| $2.25 million | 2038 | Serial | 3.625% | 98.112 | 3.75%
|
| $3.41 million | 2039 | Serial | 5% | 114.413 | 3.22%
|
| $520,000 | 2040 | Serial | 3.75% | 99.364 | 3.79%
|
| $3.15 million | 2040 | Term | 5% | 114.325 | 3.23%
|
| $13.05 million | 2045 | Term | 4% | 102.374 | 3.70%
|
| $18,505,000 | 2045 | Term | 5% | 114.062 | 3.26%
|
| $142.25 million | 2055 | Term | 5% | 110.967 | 3.62%
|
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