The Delaware River Port Authority last week approved additional management reforms as the agency looks to terminate $53 million of a $403 million derivative associated with its debt.

The bi-state agency in March refinanced $350 million of fixed-rate bonds into variable-rate mode to better match the debt with a floating-to-fixed-rate swap with UBS AG as counterparty. UBS last year exercised its right on the swaption, which took effect on Jan. 1.

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