By Sheri Kasprzak
New York, Nov. 24 - The Chicago Transit Authority priced $175 million in series 2008A grant receipts revenue bonds on Thursday, according to an official statement released Monday.
The bonds (Aa2/AAA/AAA) were sold on a negotiated basis with Siebert Brandford Shank & Co. and J.P. Morgan Securities Inc. as the lead managers. The co-managers were Banc of America Securities LLC, Duncan-Williams Inc., BMO Capital Markets, Merrill Lynch & Co., RBC Capital Markets and Wachovia Bank.
The bonds are due 2010 to 2024 with a term bond due 2026. The serials have coupons from 5% to 6% with yields from 2.92% to 5.47%. The 2026 bonds have a 6% coupon to yield 5.55%.
Proceeds will be used for construction projects throughout the city.
| Issuer: | Chicago Transit Authority
|
| Issue: | Series 2008A grant receipts revenue bonds
|
| Amount: | $175 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. and J.P. Morgan Securities Inc. (lead), Banc of America Securities LLC, Duncan-Williams Inc., BMO Capital Markets, Merrill Lynch & Co., RBC Capital Markets and Wachovia Bank
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 26
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 5% | 2.92%
|
| 2011 | Serial | 5% | 3.26%
|
| 2012 | Serial | 5% | 3.62%
|
| 2013 | Serial | 5% | 3.83%
|
| 2014 | Serial | 5% | 4.01%
|
| 2015 | Serial | 5% | 4.20%
|
| 2016 | Serial | 5% | 4.42%
|
| 2017 | Serial | 5.25% | 4.65%
|
| 2018 | Serial | 5.5% | 4.86%
|
| 2019 | Serial | 5.5% | 5.10%
|
| 2020 | Serial | 5% | 5.32%
|
| 2021 | Serial | 5% | 5.32%
|
| 2022 | Serial | 5% | 5.40%
|
| 2023 | Serial | 5.25% | 5.47%
|
| 2024 | Serial | 6% | 5.40%
|
| 2026 | Term | 6% | 5.55%
|
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