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$284,170,000 (New Jersey-Pennsylvania) Bridge System Revenue Bonds
NW Financial Group, LLC. acted as Financial Advisor for the Delaware River Joint Toll Bridge Commission for the $284,170,000 transaction. The Commission is a bi-state agency between the Commonwealth of Pennsylvania and the State of New Jersey. The Commission owns and operates twenty bridges crossing the Delaware River between New Jersey and Pennsylvania, from Trenton-Morrisville to the New York State Border. The Commission also owns and operates 32 approach structures within its jurisdiction. Revenues from the seven toll bridges are the only source of funds available to the Commission for maintaining all the Commission’s bridge and roadways. The Commission receives no state or federal funds for operation of the System
NW Financial ran several optional pricing scenarios to encompass the fixed rate and floating rate series in conjunction with three Co-Managers. All the series of bonds and the SWAP payments were insured by MBIA. Under terms of the SWAP agreement, DRJTBC pays a fixed rate of 4.231% and receives a variable rate payment equal to the SIFMA Index based on the notional amount of $150 million. NW Financial was responsible for quarterbacking the team – setting schedules; arranging Rating presentations; selecting a printer; monitoring the swaps and their integration with the bond issue; negotiate remarketing agreement; and approving all pricing.
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