Chicago O’Hare to price $2 billion of airport revenue bonds

By Sheri Kasprzak

New York, Sept. 28 – The City of Chicago is set to price $1,996,185,000 of series 2015 general airport senior lien revenue bonds for Chicago O’Hare International Airport, according to a preliminary official statement.

The offering includes $330.1 million of series 2015A AMT refunding bonds, $1,311,375,000 of series 2015B non-AMT refunding bonds, $208.45 million of series 2015C AMT revenue bonds, $124.94 million of series 2015D non-AMT revenue bonds and $21.32 million of series 2015E non-AMT refunding bonds.

The bonds will be sold on a negotiated basis with J.P. Morgan Securities LLC and Loop Capital Markets LLC as the senior managers. The co-managers are BofA Merrill Lynch, Blaylock Beal Van LLC, Raymond James/Morgan Keegan, Academy Securities Inc., Cabrera Capital Markets LLC, Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., Melvin & Co., Piper Jaffray & Co., Stern Brothers & Co. and Stifel Nicolaus & Co. Inc.

The 2015A bonds are due 2016 to 2034, and the 2015B bonds are due 2016 to 2034. The 2015C bonds are due 2021 to 2035 with term bonds due in 2040 and 2046. The 2015D bonds are due 2021 to 2035 with term bonds due in 2040 and 2046. The 2015E bonds are due in 2016 and 2025.

Proceeds will be used to retire commercial paper notes and refund the airport’s series 2003A-E, 2004A, 2004C-D, 2005A and 2008A-B revenue bonds.

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