Published on 5/17/2012 in the Prospect News Municipals Daily.
New Issue: Chicago brings $594.85 million of G.O. bonds
By Sheri Kasprzak
New York, May 17 - The City of Chicago came to market with $594.85 million of series 2012 general obligation bonds, said a pricing sheet.
The deal included $179,905,000 of series 2012A bonds, $307,975,000 of series 2012B taxable bonds and $106.97 million of series 2012C refunding bonds.
The 2012A bonds are due 2033 to 2034 with 5% coupons. The 2012A bonds were not reoffered.
The 2012B bonds are due Jan. 1, 2042, bear interest at 5.432% and priced at par.
The 2012C bonds are due 2020 to 2026 with term bonds due in 2030, 2031 and 2032. The serial coupons range from 4% to 5%. Each of the term bonds has a 4% coupon. None of the term bonds were reoffered.
Mesirow Financial Inc. was the senior manager for the bonds (Aa3/A+/AA-). The co-managers were Goldman Sachs & Co., Melvin & Co. LLC, BMO Capital Markets LLC, Cabrera Capital Markets LLC, George K. Baum & Co., Guzman & Co., Harveston Securities Inc., North South Capital LLC, RBC Capital Markets LLC and Northern Trust Co.
Proceeds will be used to finance city improvements including lighting, street, right-of-way, alley and sidewalk improvements.
| Issuer: | City of Chicago
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $594.85 million
|
| Type: | Negotiated
|
| Underwriters: | Mesirow Financial Inc. (lead); Goldman Sachs & Co., Melvin & Co. LLC, BMO Capital Markets LLC, Cabrera Capital Markets LLC, George K. Baum & Co., Guzman & Co., Harveston Securities Inc., North South Capital LLC, RBC Capital Markets LLC and Northern Trust Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | May 17
|
| Settlement date: | May 30
|
|
|
| $179,905,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $119,905,000 | 2033 | Serial | 5% | NRO
|
| $60 million | 2034 | Serial | 5% | NRO
|
|
|
| $307,975,000 series 2012B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Jan. 1, 2042 | Term | 5.432% | 100
|
|
|
| $106.97 million series 2012C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.12 million | 2020 | Serial | 4% | 112.586
|
| $4 million | 2020 | Serial | 5% | 119.54
|
| $12,545,000 | 2021 | Serial | 4% | 112.181
|
| $3.6 million | 2021 | Serial | 5% | 119.891
|
| $14.77 million | 2022 | Serial | 4% | 111.45
|
| $2.2 million | 2022 | Serial | 5% | 119.87
|
| $17.47 million | 2023 | Serial | 4% | NRO
|
| $675,000 | 2023 | Serial | 5% | NRO
|
| $18,585,000 | 2024 | Serial | 4% | NRO
|
| $500,000 | 2024 | Serial | 5% | NRO
|
| $11.05 million | 2025 | Serial | 5% | NRO
|
| $8.69 million | 2026 | Serial | 5% | NRO
|
| $1,525,000 | 2030 | Term | 4% | NRO
|
| $1.59 million | 2031 | Term | 4% | NRO
|
| $1.65 million | 2032 | Term | 4% | NRO
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
