Published on 8/15/2012 in the Prospect News Municipals Daily.
New Issue: Cook County, Ill., sells $90 million of sales tax revenue bonds
By Sheri Kasprzak
New York, Aug. 15 - Cook County, Ill., priced $90 million of series 2012 sales tax revenue bonds, according to an official statement.
The bonds (/AAA/) were sold through Wells Fargo Securities LLC and Rice Financial Products Co. The co-managers were J.P. Morgan Securities LLC, Ramirez & Co. Inc., BMO Capital Markets LLC, George K. Baum & Co. and PNC Capital Markets LLC.
The bonds are due 2013 to 2032 with a term bond due in 2037. The serial coupons range from 2% to 5%. The 2037 bonds have a 5% coupon priced at 114.65.
Proceeds will be used to finance surface transportation and highway improvements within the county.
| Issuer: | Cook County, Ill.
|
| Issue: | Series 2012 sales tax revenue bonds
|
| Amount: | $90 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Rice Financial Products Co. (lead), J.P. Morgan Securities LLC, Ramirez & Co. Inc., BMO Capital Markets LLC, George K. Baum & Co. and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: AAA
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,355,000 | 2013 | Serial | 2% | 102.077
|
| $2.29 million | 2014 | Serial | 2% | 103.409
|
| $2,335,000 | 2015 | Serial | 4% | 110.682
|
| $2.43 million | 2016 | Serial | 2% | 104.978
|
| $2.48 million | 2017 | Serial | 4% | 114.966
|
| $2.58 million | 2018 | Serial | 2% | 103.99
|
| $2.63 million | 2019 | Serial | 4% | 116.095
|
| $1,735,000 | 2020 | Serial | 2.25% | 102.576
|
| $1 million | 2020 | Serial | 5% | 123.42
|
| $2,825,000 | 2021 | Serial | 5% | 123.925
|
| $1,465,000 | 2022 | Serial | 2.5% | 101.537
|
| $1.5 million | 2022 | Serial | 4% | 115.116
|
| $600,000 | 2023 | Serial | 2.5% | 100.267
|
| $2.46 million | 2023 | Serial | 5% | 122.739
|
| $3.2 million | 2024 | Serial | 5% | 121.83
|
| $3.36 million | 2025 | Serial | 5% | 120.829
|
| $3,525,000 | 2026 | Serial | 5% | 120.035
|
| $3,705,000 | 2027 | Serial | 5% | 119.346
|
| $3.89 million | 2028 | Serial | 5% | 118.661
|
| $4,085,000 | 2029 | Serial | 5% | 117.981
|
| $1 million | 2030 | Serial | 3.5% | 100.424
|
| $3,285,000 | 2030 | Serial | 5% | 117.306
|
| $4,485,000 | 2031 | Serial | 5% | 116.73
|
| $4.71 million | 2032 | Serial | 4% | 103.74
|
| $27.07 million | 2037 | Term | 5% | 114.65
|
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