Published on 6/6/2014 in the Prospect News Municipals Daily.
New Issue: Chicago brings to market $105.9 million of motor fuel tax revenue bonds
By Sheri Kasprzak
New York, June 6 – The City of Chicago sold $105,895,000 of series 2013, issue of June 2014 motor fuel tax refunding revenue bonds, said a pricing sheet. The offering was downsized from $110 million.
The bonds (Baa1/AA+/BBB+) were sold through Loop Capital Markets LLC.
The bonds are due 2015 to 2033 with 2% to 5% coupons and 0.295% to 4.18% yields.
Proceeds will be used to refund a portion of the city’s series 2003 motor fuel tax revenue bonds.
| Issuer: | City of Chicago
|
| Issue: | Series 2013, issue of June 2014 motor fuel tax refunding revenue bonds
|
| Amount: | $105,895,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), BMO Capital Markets LLC, Cabrera Capital Markets LLC, Baird & Co., Blaylock Beal Van LLC, BNY Mellon Capital Markets LLC, Mischler Financial Group, Oppenheimer & Co. Inc. and Rockfleet (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: AA+
|
| Fitch: BBB+
|
| Pricing date: | June 6
|
| Settlement date: | June 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,115,000 | 2015 | Serial | 2% | 100.907 | 0.295%
|
| $3,655,000 | 2016 | Serial | 5% | 106.657 | 0.63%
|
| $3,835,000 | 2017 | Serial | 5% | 110.007 | 0.99%
|
| $4.03 million | 2018 | Serial | 5% | 111.926 | 1.52%
|
| $4.23 million | 2019 | Serial | 5% | 113.496 | 1.88%
|
| $4,435,000 | 2020 | Serial | 5% | 113.896 | 2.31%
|
| $4.66 million | 2021 | Serial | 5% | 113.69 | 2.70%
|
| $4,895,000 | 2022 | Serial | 5% | 113.25 | 3.02%
|
| $5,135,000 | 2023 | Serial | 5% | 112.949 | 3.25%
|
| $5,405,000 | 2024 | Serial | 5% | 112.586 | 3.44%
|
| $5.67 million | 2025 | Serial | 5% | 110.956 | 3.63%
|
| $5,955,000 | 2026 | Serial | 5% | 109.94 | 3.75%
|
| $6.25 million | 2027 | Serial | 5% | 108.852 | 3.88%
|
| $6.56 million | 2028 | Serial | 5% | 108.272 | 3.95%
|
| $6.89 million | 2029 | Serial | 5% | 107.531 | 4.04%
|
| $7.23 million | 2030 | Serial | 5% | 107.86 | 4.00%
|
| $7,595,000 | 2031 | Serial | 5% | 107.286 | 4.07%
|
| $7,975,000 | 2032 | Serial | 5% | 106.96 | 4.11%
|
| $8,375,000 | 2033 | Serial | 5% | 106.391 | 4.18%
|
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