Published on 8/13/2012 in the Prospect News Municipals Daily.
New Issue: Chicago brings $728.89 million general airport revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 13 - The City of Chicago priced $728,895,000 of series 2012 general airport senior-lien revenue refunding bonds for the Chicago O'Hare International Airport, according to a pricing sheet.
The deal included $444.76 million of series 2012A AMT bonds, $277,735,000 of series 2012B AMT bonds and $6.4 million of series 2012C non-AMT refunding bonds.
The 2012A bonds are due 2013 to 2032 with 1% to 5% coupons. The 2012B bonds are due 2013 to 2032 with 1% to 5% coupons. The 2012C bonds are due 2014 to 2015 with 3% to 4% coupons.
The bonds (A2/A-/A-) were sold through Barclays. The co-managers were Bank of America Merrill Lynch and Loop Capital Markets LLC (co-lead managers); Blaylock Robert Van LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. LLC, Lebenthal & Co. Inc., M.R. Beal & Co. Inc., Piper Jaffray & Co., PNC Capital Markets LLC and Raymond James/Morgan Keegan.
Proceeds will be used to redeem all of the airport's outstanding second-lien bonds and certain maturities of its senior lien bonds, as well as to repay the airport's commercial paper notes.
| Issuer: | City of Chicago/Chicago O'Hare International Airport
|
| Issue: | Series 2012 general airport senior-lien revenue refunding bonds
|
| Amount: | $728,895,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Bank of America Merrill Lynch and Loop Capital Markets LLC (co-lead managers), Blaylock Robert Van LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. LLC, Lebenthal & Co. Inc., M.R. Beal & Co. Inc., Piper Jaffray & Co., PNC Capital Markets LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Aug. 8
|
| Settlement date: | Sept. 12
|
|
|
| $444.76 million series 2012A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,425,000 | 2013 | Serial | 1% | 100.223
|
| $27.36 million | 2014 | Serial | 5% | 105.485
|
| $28.73 million | 2015 | Serial | 5% | 108.962
|
| $36.53 million | 2016 | Serial | 5% | 111.921
|
| $60,455,000 | 2017 | Serial | 5% | 113.991
|
| $62,835,000 | 2018 | Serial | 5% | 114.911
|
| $21.67 million | 2019 | Serial | 3% | 103.606
|
| $22.32 million | 2020 | Serial | 5% | 115.362
|
| $2,525,000 | 2021 | Serial | 3.5% | 104.321
|
| $9.17 million | 2021 | Serial | 5% | 115.313
|
| $12,235,000 | 2022 | Serial | 5% | 115.51
|
| $12,855,000 | 2023 | Serial | 5% | 114.465
|
| $13.5 million | 2024 | Serial | 5% | 113.603
|
| $14.17 million | 2025 | Serial | 5% | 112.834
|
| $14.88 million | 2026 | Serial | 5% | 111.817
|
| $13,105,000 | 2027 | Serial | 5% | 111.229
|
| $13.76 million | 2028 | Serial | 3.75% | 98.847
|
| $14,275,000 | 2029 | Serial | 5% | 110.065
|
| $14.99 million | 2030 | Serial | 4% | 99.377
|
| $15,595,000 | 2031 | Serial | 5% | 109.242
|
| $16,375,000 | 2032 | Serial | 4% | 98.67
|
|
|
| $277,735,000 series 2012B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.15 million | 2013 | Serial | 1% | 100.196
|
| $19,305,000 | 2014 | Serial | 4% | 104.191
|
| $20.85 million | 2015 | Serial | 4% | 106.693
|
| $22.46 million | 2016 | Serial | 4% | 108.699
|
| $12.4 million | 2017 | Serial | 4% | 109.851
|
| $13.57 million | 2018 | Serial | 4% | 109.906
|
| $11.74 million | 2021 | Serial | 5% | 115.313
|
| $12.33 million | 2022 | Serial | 5% | 115.51
|
| $12,945,000 | 2023 | Serial | 5% | 114.465
|
| $13.59 million | 2024 | Serial | 5% | 113.603
|
| $14,275,000 | 2025 | Serial | 5% | 112.834
|
| $14,985,000 | 2026 | Serial | 5% | 111.817
|
| $15,735,000 | 2027 | Serial | 5% | 111.229
|
| $16,525,000 | 2028 | Serial | 3.75% | 98.847
|
| $17.14 million | 2029 | Serial | 5% | 110.065
|
| $18 million | 2030 | Serial | 5% | 109.488
|
| $18,895,000 | 2031 | Serial | 5% | 109.242
|
| $19.84 million | 2032 | Serial | 5% | 108.915
|
|
|
| $6.4 million series 2012C non-AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,035,000 | 2014 | Serial | 3% | 103.294
|
| $3,365,000 | 2015 | Serial | 4% | 107.524
|
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