Published on 10/8/2015 in the Prospect News Municipals Daily.
New Issue: Chicago brings $1.95 billion Chicago O’Hare International Airport bonds
By Sheri Kasprzak
New York, Oct. 8 – The City of Chicago sold $1,954,180,000 of series 2015 general airport senior lien revenue bonds for the Chicago O’Hare International Airport, according to a pricing sheet.
The offering included $429.39 million of series 2015A AMT refunding bonds, $1,195,785,000 of series 2015B non-AMT refunding bonds, $194,745,000 of series 2015C AMT revenue bonds and $134.26 million of series 2015D non-AMT bonds
The 2015A bonds are due 2016 and 2019 and 2023 to 2037 with 2% to 5% coupons.
The 2015B bonds are due 2016 and 2019 to 2035 with 4% to 5% coupons.
The 2015C bonds are due 2021 to 2035 with term bonds due in 2040 and 2046. The serial coupons range from 3.625% to 5%. The 2040 bonds have a 4.375% coupon priced at 97.585 and the 2046 bonds have a 5% coupon priced at 105.817.
The 2015D bonds are due 2021 to 2035 with term bonds due in 2040 and 2046. The serial bonds have 5% coupons. The 2040 bonds have a 4.125% coupon priced at 98.265 and the 2046 bonds have a 5% coupon priced at 108.437.
The bonds (A2/A/A-) were offered through senior managers J.P. Morgan Securities LLC and Loop Capital Markets LLC.
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.
| Issuer: | City of Chicago/Chicago O’Hare International Airport
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| Issue: | Series 2015 general airport senior lien revenue bonds
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| Amount: | $1,954,180,000
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead), 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. (co-managers)
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A
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| Fitch: A-
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 15
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| $429.39 million series 2015A AMT refunding bonds
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| Amount | Maturity | Type | Coupon | Price
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| $7.5 million | 2016 | Serial | 2% | 100.382
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| $6.74 million | 2019 | Serial | 5% | 110.93
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| $4.66 million | 2023 | Serial | 5% | 114.623
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| $14.06 million | 2024 | Serial | 5% | 114.691
|
| $21,905,000 | 2025 | Serial | 5% | 115.119
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| $18,665,000 | 2026 | Serial | 5% | 113.744
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| $56,765,000 | 2027 | Serial | 5% | 112.053
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| $56.91 million | 2028 | Serial | 5% | 111.053
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| $39.71 million | 2029 | Serial | 5% | 109.981
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| $31.74 million | 2030 | Serial | 5% | 109.247
|
| $33,335,000 | 2031 | Serial | 5% | 108.679
|
| $35,005,000 | 2032 | Serial | 5% | 108.196
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| $36.75 million | 2033 | Serial | 5% | 107.875
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| $43.26 million | 2034 | Serial | 5% | 107.635
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| $15,635,000 | 2035 | Serial | 5% | 107.237
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| $3,305,000 | 2036 | Serial | 4.125% | 96.99
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| $3,445,000 | 2037 | Serial | 4.125% | 96.361
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| $1,195,785,000 series 2015B non-AMT refunding bonds
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| Amount | Maturity | Type | Coupon | Price
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| $20,825,000 | 2016 | Serial | 4% | 100.806
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| $46,605,000 | 2019 | Serial | 5% | 111.531
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| $48.67 million | 2020 | Serial | 5% | 113.922
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| $51,095,000 | 2021 | Serial | 5% | 115.577
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| $53,665,000 | 2022 | Serial | 5% | 116.548
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| $54,995,000 | 2023 | Serial | 5% | 116.974
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| $56,985,000 | 2024 | Serial | 5% | 117.074
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| $59,835,000 | 2025 | Serial | 5% | 117.749
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| $59,705,000 | 2026 | Serial | 5% | 116.074
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| $61.73 million | 2027 | Serial | 5% | 114.773
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| $64,925,000 | 2028 | Serial | 5% | 113.658
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| $74.3 million | 2029 | Serial | 5% | 112.725
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| $118,195,000 | 2030 | Serial | 5% | 111.969
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| $124.1 million | 2031 | Serial | 5% | 111.136
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| $130.3 million | 2032 | Serial | 5% | 110.722
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| $114.34 million | 2033 | Serial | 5% | 110.474
|
| $53,775,000 | 2034 | Serial | 5% | 110.063
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| $1.74 million | 2035 | Serial | 5% | 109.654
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|
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| $194,745,000 series 2015C AMT revenue bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $3.85 million | 2021 | Serial | 5% | 113.817
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| $4,045,000 | 2022 | Serial | 5% | 114.296
|
| $4,245,000 | 2023 | Serial | 5% | 114.623
|
| $4,455,000 | 2024 | Serial | 5% | 114.691
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| $4.68 million | 2025 | Serial | 3.625% | 104.175
|
| $4,915,000 | 2026 | Serial | 5% | 113.744
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| $5.16 million | 2027 | Serial | 5% | 112.053
|
| $5,415,000 | 2028 | Serial | 5% | 111.053
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| $5.69 million | 2029 | Serial | 5% | 109.981
|
| $5,975,000 | 2030 | Serial | 5% | 109.247
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| $6.27 million | 2031 | Serial | 5% | 108.679
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| $6,585,000 | 2032 | Serial | 5% | 108.196
|
| $6,915,000 | 2033 | Serial | 5% | 107.875
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| $7.26 million | 2034 | Serial | 5% | 107.635
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| $7.62 million | 2035 | Serial | 5% | 107.237
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| $43.79 million | 2040 | Term | 4.375% | 97.585
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| $67,845,000 | 2046 | Term | 5% | 105.817
|
|
|
| $134.26 million series 2015D non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,735,000 | 2021 | Serial | 5% | 115.577
|
| $2,875,000 | 2022 | Serial | 5% | 116.548
|
| $3,015,000 | 2023 | Serial | 5% | 116.974
|
| $3.17 million | 2024 | Serial | 5% | 117.074
|
| $3,325,000 | 2025 | Serial | 5% | 117.749
|
| $3.49 million | 2026 | Serial | 5% | 116.074
|
| $3,665,000 | 2027 | Serial | 5% | 114.773
|
| $3.85 million | 2028 | Serial | 5% | 113.658
|
| $4,045,000 | 2029 | Serial | 5% | 112.725
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| $4,245,000 | 2030 | Serial | 5% | 111.969
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| $4,455,000 | 2031 | Serial | 5% | 111.136
|
| $4.68 million | 2032 | Serial | 4% | 100
|
| $15.19 million | 2035 | Term | 4% | 99.332
|
| $29,775,000 | 2040 | Term | 4.125% | 98.265
|
| $45,745,000 | 2046 | Term | 5% | 108.437
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