DRPA Takes Step to Terminate Swap Agreements
Tuesday, December 29, 2009
The Delaware River Port Authority Board of Commissioners today took further action to terminate the use of swap agreements. The Board announced it would not approve any future debt-related swap agreements. The Board also directed that staff evaluate existing swap agreements and make recommendations to the Board regarding options for terminating the Authority’s current swap agreements.
PHOTO BEN FRANKLIN BRIDGE
Today’s Board action will minimize the negative impact of swaps on the
Authority’s debt portfolio and protect the Authority from entering into alternative investments in the future.
“We recognize the serious financial impact that swaps have had and could continue to have on the Authority,” said John H. Estey, DRPA Chairman. “Today’s vote indicates our clear direction that we will do whatever is economically feasible to remove swaps from our portfolio.”
The Delaware River Port Authority is a regional transportation agency. DRPA owns and operates the Benjamin Franklin, Walt Whitman, Commodore Barry and Betsy Ross bridges, PATCO, the Philadelphia Cruise Terminal and the RiverLink Ferry.
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