Chicago to sell $280 million second-lien wastewater revenue bonds

By Sheri Kasprzak

New York, Oct. 18 - The City of Chicago is set to price $280 million in series 2010 second-lien wastewater transmission revenue bonds, according to a preliminary official statement.

The offering includes $30 million in series 2010A tax-exempt refunding bonds and $250 million in series 2010B Build America Bonds.

The bonds (Aa3/A+/AA) will be sold on a negotiated basis with George K. Baum & Co. and M.R. Beal & Co. as the senior managers. The co-managers are Bernardi Securities Inc., Guzman & Co., Lebenthal & Co. LLC and William Blair & Co.

The series 2010A bonds are due 2012 to 2019, and the 2010B bonds are due 2040.

Proceeds will be used to finance capital improvements and expansions to the city's wastewater system, as well as to refund all or a portion of the city's outstanding wastewater transmission revenue bonds.

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