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Chicago to sell $190 million in wastewater transmission revenue bonds
By Sheri Kasprzak
New York, Oct. 17 - Chicago is gearing up to price $190 million in series 2008 second-lien wastewater transmission revenue refunding bonds, according to a calendar of upcoming sales.
The bonds (/AAA/A-1/AA-) will be sold on a negotiated basis with Cabrera Capital Markets and RBC Capital Markets as the senior managers. The co-managers are Grigsby & Associates and Loop Capital Markets.
According to a sellside source, the bonds had been expected to price in September but were pulled when market conditions became rocky. The city is planning to price the bonds when market conditions stabilize, perhaps in the next week or so, the source said. The sale is expected to occur sometime in October.
The sale includes $160 million in series 2008A bonds and $30 million in series 2008B bonds.
Proceeds will be used for capital improvements and extensions to the city's wastewater transmission system, refunding all or a portion of the city's outstanding wastewater transmission bonds and a deposit to a debt service reserve fund.
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