By Sheri Kasprzak
New York, Oct. 15 - The City of Chicago sold $246.54 million of series 2010 revenue bonds for the Chicago Midway Airport, said a pricing sheet.
The sale included $84 million of series 2010B second-lien Build America Bonds, $63.47 million of series 2010C taxable bonds, $82.61 million of series 2010D-1 taxable bonds and $16.46 million of series 2010D-2 taxable bonds.
The 2010B bonds are due 2034 and have a 5% coupon priced at 110.154.
The 2010C bonds are due 2016 to 2025 with term bonds due 2030, 2035 and 2041. The coupons range from 3.782% to 6.009%, all priced at par. The 2030 bonds have a 7.068% coupon priced at par and the 2035 bonds have a 7.118% coupon priced at par. The 2041 bonds have a 7.168% coupon priced at par.
The 2010D-1 bonds are due 2041 and have a 3.532% coupon priced at par and the 2010D-2 bonds have a 3.532% coupon, also priced at par.
J.P. Morgan Securities LLC and Ramirez & Co. Inc. were the joint bookrunners with Backstrom McCarley Berry & Co. LLC, Estrada Hinojosa & Co. Inc. and Wells Fargo Securities LLC as the co-managers.
Proceeds will be used to repay a portion of the airport's outstanding commercial paper notes and fund a debt service reserve account.
| Issuer: | City of Chicago/Chicago Midway Airport
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $246.54 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Ramirez & Co. Inc. (bookrunners), Backstrom McCarley Berry & Co. LLC, Estrada Hinojosa & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 26
|
|
|
| Series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $84 million | 2034 | Term | 5% | 110.154
|
|
|
| Series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.085 million | 2016 | Serial | 3.782% | 100
|
| $1.125 million | 2017 | Serial | 4.082% | 100
|
| $1.17 million | 2018 | Serial | 4.709% | 100
|
| $1.225 million | 2019 | Serial | 4.859% | 100
|
| $1.285 million | 2020 | Serial | 5.009% | 100
|
| $1.35 million | 2021 | Serial | 5.259% | 100
|
| $1.42 million | 2022 | Serial | 5.509% | 100
|
| $1.5 million | 2023 | Serial | 5.709% | 100
|
| $1.585 million | 2024 | Serial | 5.859% | 100
|
| $1.68 million | 2025 | Serial | 6.009% | 100
|
| $10.25 million | 2030 | Term | 7.068% | 100
|
| $14.435 million | 2035 | Term | 7.118% | 100
|
| $25.36 million | 2041 | Term | 7.168% | 100
|
|
|
| Series 2010D-1
|
| Amount | Maturity | Type | Coupon | Price
|
| $82.61 million | 2041 | Term | 3.532% | 100
|
|
|
| Series 2010D-2
|
| Amount | Maturity | Type | Coupon | Price
|
| $16.46 million | 2041 | Term | 3.532% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
