The Delaware River Port Authority last week approved the termination of a forward-starting swap with UBS Securities LLC at an estimated cost to the agency of $35 million.

Under the terms of the floating-to-fixed-rate derivative, the DRPA as of Jan. 1 would be required to terminate the swap or refinance a series of fixed-rate subordinate bonds as variable-rate debt secured by a letter of credit that would boost the rating for the debt.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.