Chicago plans to sell $251.3 million airport revenue bonds for Chicago Midway Airport

By Sheri Kasprzak

New York, Sept. 30 - The City of Chicago plans to sell $251.295 million in series 2010 revenue bonds for the Chicago Midway Airport, according to a preliminary official statement.

The sale includes $88.01 million in series 2010B Build America Bonds, $66.725 million in series 2010C taxable bonds, $81.56 million in series 2010D-1 taxable bonds and $15 million in series 2010D-2 taxable bonds.

J.P. Morgan Securities Inc. and Ramirez & Co. Inc. are the joint bookrunners. The co-managers include Backstrom McCarley Berry & Co. LLC, Estrada Hinojosa & Co. Inc. and Wells Fargo Bank, NA.

The 2010B bonds are due 2014, and the 2010C bonds are due 2016 to 2025 with term bonds due 2030, 2035 and 2041. The 2010D-1 and 2010D-2 bonds are due 2041.

Proceeds will be used to repay a portion of the airport's outstanding commercial paper notes, as well as to fund a deposit to a debt service reserve account.

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