Chicago updates mandatory tender, redemption of 2002B, 2003B G.O.s

By Marisa Wong

Madison, Wis., May 29 – The City of Chicago issued updated notices of mandatory tender and optional redemption for its general obligation variable-rate demand bonds, series 2002B, 2003B and 2005D.

The city previously announced that the bonds would be subject to mandatory tender or optional redemption but did not specify the amounts subject to mandatory tender or optional redemption.

The following bonds are subject to mandatory tender on May 29:

• $88.1 million of the $100.5 million outstanding 2002B-3 bonds due Jan. 1, 2037;

• $44.05 million of the $50.25 million outstanding 2002B-4 bonds due Jan. 1, 2037;

• $44.05 million of the $50.25 million outstanding 2002B-5 bonds due Jan. 1, 2037;

• $85.04 million of the $90.92 million outstanding 2003B-1 bonds due Jan. 1, 2034;

• $42,525,000 of the $45,465,000 outstanding 2003B-2 bonds due Jan. 1, 2034; and

• $42,525,000 of the $45,465,000 outstanding 2003B-3 bonds due Jan. 1, 2034.

The following bonds are subject to optional redemption on May 29:

• The remaining $12.4 million of 2002B-3 bonds;

• The remaining $6.2 million of 2002B-4 bonds;

• The remaining $6.2 million of 2002B-5 bonds;

• The remaining $5.88 million of 2003B-1 bonds;

• The remaining $2.94 million of 2003B-2 bonds; and

• The remaining $2.94 million of 2003B-3 bonds.

The following bonds are subject to mandatory tender on June 8:

• $87,005,000 of the $111,395,000 outstanding 2005D-1 bonds due Jan. 1, 2040; and

• $87 million of the $111,395,000 outstanding 2005D-2 bonds due Jan. 1, 2040.

The following bonds are subject to optional redemption on June 8:

• The remaining $24.39 million of 2005D-1 bonds; and

• The remaining $24,395,000 of 2005D-2 bonds.

U.S. Bank NA is the trustee and agent for the 2002B bonds, Amalgamated Bank of Chicago is the trustee and agent for the 2003B bonds, and Bank of New York Mellon Trust Co. is the trustee and agent for the 2005D bonds.

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