By Sheri Kasprzak
New York, March 24 - Chicago Transit Authority sold Wednesday $550 million in series 2010 sales tax receipts revenue bonds, said a term sheet.
The sale included $44.645 million in series 2010A tax-exempt bonds and $505.355 million in series 2010B Build America Bonds.
The bonds (A1/AA/) were sold through senior managers Goldman, Sachs & Co. and Cabrera Capital Markets LLC. The co-managers were Blaylock Robert Van LLC, BMO Capital Markets LLC, Duncan-Williams LLC, Jefferies & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Melvin Securities LLC, Morgan Stanley & Co. Inc. and Wachovia Bank NA.
The 2010A bonds are due 2015 to 2019 with 4% to 5% coupons.
The 2010B bonds are due 2020 to 2024 with a term bond due 2040. The serials have 5.07% to 5.62% coupons. The 2040 bond has a 6.2% coupon, priced at par.
Proceeds will be used to finance or reimburse the authority for costs related to transit improvement and expansion projects.
| Issuer: | Chicago Transit Authority
|
| Issue: | Series 2010 sales tax receipts revenue bonds
|
| Amount: | $550 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and Cabrera Capital Markets LLC (leads), Blaylock Robert Van LLC, BMO Capital Markets LLC, Duncan-Williams LLC, Jefferies & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Melvin Securities LLC, Morgan Stanley & Co. Inc. and Wachovia Bank NA (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Pricing date: | March 24
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 4% | 108.243
|
| 2015 | Serial | 5% | 113.494
|
| 2016 | Serial | 5% | 113.006
|
| 2017 | Serial | 4% | 106.016
|
| 2017 | Serial | 5% | 112.779
|
| 2018 | Serial | 4% | 104.537
|
| 2018 | Serial | 5% | 111.982
|
| 2019 | Serial | 4% | 103.564
|
| 2019 | Serial | 5% | 111.671
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2020 | Serial | 5.07% | 100
|
| 2021 | Serial | 5.22% | 100
|
| 2022 | Serial | 5.37% | 100
|
| 2023 | Serial | 5.47% | 100
|
| 2024 | Serial | 5.62% | 100
|
| 2040 | Term | 6.2% | 100
|
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