Published on 9/6/2012 in the Prospect News Municipals Daily.
New Issue: Chicago brings $270.96 million of wastewater transmission revenue bonds
By Sheri Kasprzak
New York, Sept. 6 - The City of Chicago brought to market $270.96 million of series 2012 senior-lien wastewater transmission revenue bonds, according to a pricing sheet.
The bonds (/A+/AA) were sold through Ramirez & Co. Inc. The co-managers were Backstrom McCarley Berry & Co. LLC, Rice Financial Products Co., Drexel Hamilton & Co. LLC, Duncan-Williams Inc., Guzman & Co., Lebenthal & Co. LLC, Loop Capital Markets LLC and M.R. Beal & Co.
The bonds are due 2014 to 2034 with a term bond due in 2042. The serial coupons range from 3% to 5%. The 2042 bonds have a 4% coupon priced at par.
Proceeds will be used to finance capital improvements and extensions to the sewer system.
| Issuer: | City of Chicago
|
| Issue: | Series 2012 senior-lien wastewater transmission revenue bonds
|
| Amount: | $270.96 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Backstrom McCarley Berry & Co. LLC, Rice Financial Products Co., Drexel Hamilton & Co. LLC, Duncan-Williams Inc., Guzman & Co., Lebenthal & Co. LLC, Loop Capital Markets LLC and M.R. Beal & Co. (co-managers)
|
| Ratings: | Standard & Poor's: A+
|
| Fitch: AA
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.61 million | 2014 | Serial | 3% | 103.287
|
| $2 million | 2015 | Serial | 3% | 105.379
|
| $2,745,000 | 2015 | Serial | 5% | 109.937
|
| $2 million | 2016 | Serial | 3% | 107.217
|
| $2,955,000 | 2016 | Serial | 5% | 113.72
|
| $2 million | 2017 | Serial | 3% | 108.352
|
| $3.16 million | 2017 | Serial | 5% | 116.746
|
| $2 million | 2018 | Serial | 3% | 108.785
|
| $3.4 million | 2018 | Serial | 5% | 119.001
|
| $2 million | 2019 | Serial | 4% | 114.197
|
| $3.63 million | 2019 | Serial | 5% | 120.163
|
| $2 million | 2020 | Serial | 4% | 114.395
|
| $3.89 million | 2020 | Serial | 5% | 121.186
|
| $2 million | 2021 | Serial | 4% | 114.318
|
| $4,165,000 | 2021 | Serial | 5% | 121.895
|
| $2 million | 2022 | Serial | 4% | 114.337
|
| $4,455,000 | 2022 | Serial | 5% | 123.164
|
| $6,755,000 | 2023 | Serial | 5% | 120.627
|
| $7,075,000 | 2024 | Serial | 5% | 119.344
|
| $7.43 million | 2025 | Serial | 5% | 118.348
|
| $7.8 million | 2026 | Serial | 5% | 117.184
|
| $8.19 million | 2027 | Serial | 5% | 116.563
|
| $8.56 million | 2028 | Serial | 5% | 116.033
|
| $8,985,000 | 2029 | Serial | 5% | 115.594
|
| $9,435,000 | 2030 | Serial | 5% | 115.157
|
| $9.91 million | 2031 | Serial | 4% | 103.453
|
| $10,405,000 | 2032 | Serial | 4% | 102.973
|
| $10,925,000 | 2033 | Serial | 4% | 102.417
|
| $11.47 million | 2034 | Serial | 4% | 101.785
|
| $25 million | 2042 | Term | 4% | 100
|
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