DelDOT refinances bonds

DOVER — The Department of Transportation’s last week successfully completed its 2020 bond issuance and refinancing.

The agency said Monday it locked in an interest cost of 1.67% on $217 million in bonds to be paid over 20 years. That’s the lowest cost of capital DelDOT has ever secured on these bonds.

DelDOT also refinanced more bonds, saving the department $10.3 million.
“Our excellent credit rating continues to save the Department significant money as we secure funding for infrastructure projects across the state,” Secretary of Transportation Jennifer Cohan said in a statement. “The DelDOT finance team led by Lanie Thornton has done an outstanding job of ensuring we are well-positioned to deliver our largest-ever capital program over the next six years while keeping our debt manageable.”