By Sheri Kasprzak
New York, Oct. 11 - Cook County, Ill., sold $612.42 million of series 2011 general obligation bonds, according to a pricing sheet.
The bonds (Aa3/AA/AA-) were sold through William Blair & Co. Inc. and Cabrera Capital Markets LLC. The co-managers were BMO Capital Markets LLC; Goldman, Sachs & Co.; Loop Capital Markets LLC; Mesirow Financial Inc.; Melvin & Co.; and Podesta & Co.
The offering included $252.2 million of series 2011A G.O. refunding bonds, $130.2 million of series 2011B taxable G.O. refunding bonds, $125 million of series 2011C taxable G.O. bonds and $105.2 million of series 2011D taxable corporate purpose G.O. bonds.
The 2011A bonds are due 2014 to 2025 with a term bond due in 2028. The serial coupons range from 4% to 5%. The 2028 bonds have a split maturity with a 4.875% coupon priced at 98.574 and a 5.25% coupon priced at 103.893.
The 2011B bonds are due 2016 to 2027 with 2.932% to 5.54% coupons, all priced at par.
The 2011C bonds are due Nov. 15, 2033 and have a 6.205% coupon priced at par.
The 2011D bonds are due Dec. 15, 2011 and have a 2% coupon priced at 100.226.
Proceeds will be used to fund the capital needs of the county and refund existing G.O. bonds.
| Issuer: | Cook County, Ill.
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $612.42 million
|
| Type: | Negotiated
|
| Underwriters: | William Blair & Co. Inc. and Cabrera Capital Markets LLC (lead); BMO Capital Markets LLC, Goldman, Sachs & Co., Loop Capital Markets LLC, Mesirow Financial Inc., Melvin & Co. and Podesta & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 27
|
|
|
| $252.2 million series 2011A G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.95 million | 2014 | Serial | 4% | 107.115
|
| $3.95 million | 2015 | Serial | 4% | 108.432
|
| $6.53 million | 2016 | Serial | 4% | 106.926
|
| $11.91 million | 2017 | Serial | 5% | 110.988
|
| $14.335 million | 2018 | Serial | 5% | 110.216
|
| $14.88 million | 2019 | Serial | 5% | 108.759
|
| $15.645 million | 2020 | Serial | 5% | 107.764
|
| $16.95 million | 2021 | Serial | 5% | 106.84
|
| $20.395 million | 2022 | Serial | 5% | 105.742
|
| $21.42 million | 2023 | Serial | 5% | 104.894
|
| $22.495 million | 2024 | Serial | 5% | 104.189
|
| $23.635 million | 2025 | Serial | 5% | 103.369
|
| $1.2 million | 2028 | Term | 4.875% | 98.574
|
| $74.905 million | 2028 | Term | 5.25% | 103.893
|
|
|
| $130.02 million series 2011B taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.52 million | 2016 | Serial | 2.932% | 100
|
| $4.75 million | 2017 | Serial | 3.293% | 100
|
| $3.01 million | 2018 | Serial | 3.693% | 100
|
| $3.28 million | 2019 | Serial | 4.14% | 100
|
| $3.11 million | 2020 | Serial | 4.29% | 100
|
| $2.7 million | 2021 | Serial | 4.49% | 100
|
| $13.99 million | 2022 | Serial | 4.74% | 100
|
| $9.145 million | 2023 | Serial | 4.94% | 100
|
| $5.995 million | 2024 | Serial | 5.09% | 100
|
| $15.765 million | 2025 | Serial | 5.24% | 100
|
| $30.535 million | 2026 | Serial | 5.39% | 100
|
| $28.22 million | 2027 | Serial | 5.54% | 100
|
|
|
| $125 million series 2011C taxable G.O. bonds
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2033 | Term | 6.205% | 100
|
|
|
| $105.2 million series 2011D taxable corporate purpose G.O. bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 15, 2011 | Term | 2% | 100.226
|
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