The Delaware River Port ­Authority plans to issue roughly $715 million of new-money and refunding debt in late February to finance capital projects and replace fixed-rate debt with variable-rate bonds under terms of a swap option that will be exercised Jan. 1.

The transaction will include $310 million of new-money bonds for rehabilitation and upgrades to the DRPA’s four bridges that connect Pennsylvania to southern New Jersey over the Delaware River. The light-rail Port Authority Transit Corp., or PATCO, line that runs from Camden, N.J., to Philadelphia will also get proceeds for improvements.

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