Chicago O'Hare organizes $729.04 million of revenue refunding bonds

By Sheri Kasprzak

New York, Aug. 1 - The City of Chicago plans to price $729.04 million of series 2012 general airport senior-lien revenue refunding bonds for the Chicago O'Hare International Airport, according to a preliminary official statement.

The deal includes $445.91 million of series 2012A AMT bonds, $251 million of series 2012B AMT bonds and $32.13 million of series 2012C non-AMT bonds.

The bonds (A2/A-/A-) will be sold on a negotiated basis with Barclays Capital Inc. as the senior manager. The co-lead managers are Bank of America Merrill Lynch and Loop Capital Markets LLC. The co-managers are 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.

The maturities have not been set.

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.

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