Published on 1/13/2016 in the Prospect News Municipals Daily.
New Issue: Chicago prices $500 million of general obligation refunding bonds
By Sheri Kasprzak
New York, Jan. 13 – The City of Chicago sold $500 million of series 2015C general obligation refunding bonds, according to a pricing sheet.
The bonds (Ba1/BBB+/BBB+) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2020 to 2031 with term bonds due in 2035 and 2038. The serial bonds have 5% coupons with 3.53% to 4.67% yields. The 2035 bonds have a 5% coupon priced at 101.405 to yield 4.82%, and the 2038 bonds have a 5% coupon priced at 100.972 to yield 4.875%.
Proceeds will be used to refund or pay interest on all or certain outstanding G.O. bonds.
| Issuer: | City of Chicago
|
| Issue: | Series 2015C general obligation refunding bonds
|
| Amount: | $500 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Cabrera Capital Markets LLC, PNC Capital Markets LLC, Backstrom McCarley Berry & Co. LLC, Drexel Hamilton LLC, Harvestons Securities Inc., North South Capital LLC and Podesta & Co. (co-managers)
|
| Ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.57 million | 2020 | Serial | 5% | 105.366 | 3.53%
|
| $7,625,000 | 2021 | Serial | 5% | 106.147 | 3.63%
|
| $79.85 million | 2022 | Serial | 5% | 106.165 | 3.83%
|
| $78.89 million | 2023 | Serial | 5% | 106.008 | 4.00%
|
| $78.45 million | 2024 | Serial | 5% | 105.873 | 4.125%
|
| $63,205,000 | 2025 | Serial | 5% | 105.758 | 4.22%
|
| $52.93 million | 2026 | Serial | 5% | 105.53 | 4.31%
|
| $11,325,000 | 2027 | Serial | 5% | 104.87 | 4.39%
|
| $4,455,000 | 2028 | Serial | 5% | 104.051 | 4.49%
|
| $4.79 million | 2029 | Serial | 5% | 103.483 | 4.56%
|
| $1,395,000 | 2030 | Serial | 5% | 103.08 | 4.61%
|
| $3.48 million | 2031 | Serial | 5% | 102.598 | 4.67%
|
| $14,055,000 | 2035 | Term | 5% | 101.405 | 4.82%
|
| $92.98 million | 2038 | Term | 5% | 100.972 | 4.875%
|
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