Published on 8/28/2015 in the Prospect News Municipals Daily.
New Issue: Chicago Park District offers $141.54 million general obligation bonds
By Sheri Kasprzak
New York, Aug. 28 – The Chicago Park District hit the market with $141.54 million of series 2015 limited tax general obligation bonds, according to a pricing sheet.
The offering included $40 million of series 2015A bonds, $57.97 million of series 2015B refunding bonds, $15,905,000 of series 2015C refunding bonds and $27,665,000 of series 2015D bonds.
The 2015A bonds are due 2024 to 2030 with term bonds due in 2035 and 2040. The serial bonds have 5% coupons with 3.43% to 4.13% yields. The 2035 bonds have a 5% coupon priced at 104.593 to yield 4.33%, and the 2040 bonds have a 5% coupon priced at 103.472 to yield 4.49%.
The 2015B bonds are due 2017 to 2030 with 4% to 5% coupons and yields from 1.36% to 4.13%.
The 2015C bonds are due 2018 to 2024 with 4% to 5% coupons and 1.75% to 3.43% yields.
The 2015D bonds are due 2017 to 2029 with 4% to 5% coupons and yields from 1.28% to 3.94%.
The bonds (//AA-) were sold through senior manager BMO Capital Markets LLC.
Proceeds will be used to improve, maintain and repair parks within the district and refund existing G.O. debt.
| Issuer: | Chicago Park District
|
| Issue: | Series 2015 limited tax general obligation bonds
|
| Amount: | $141.54 million
|
| Type: | Negotiated
|
| Underwriters: | BMO Capital Markets LLC (lead), Loop Capital Markets LLC, William Blair & Co., Cabrera Capital Markets LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Fitch: AA-
|
| Pricing date: | Aug. 28
|
| Settlement date: | Oct. 6
|
|
|
| $40 million series 2015A limited tax bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.61 million | 2024 | Serial | 5% | 111.176 | 3.43%
|
| $1,535,000 | 2026 | Serial | 5% | 109.077 | 3.71%
|
| $1,945,000 | 2027 | Serial | 5% | 108.191 | 3.83%
|
| $2,115,000 | 2028 | Serial | 5% | 107.46 | 3.93%
|
| $1,995,000 | 2029 | Serial | 5% | 106.59 | 4.05%
|
| $1.94 million | 2030 | Serial | 5% | 106.015 | 4.13%
|
| $4,035,000 | 2035 | Term | 5% | 104.593 | 4.33%
|
| $20,825,000 | 2040 | Term | 5% | 103.472 | 4.49%
|
|
|
| $57.97 million series 2015B limited tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,235,000 | 2017 | Serial | 4% | 103.223 | 1.36%
|
| $5.13 million | 2018 | Serial | 4% | 104.91 | 1.75%
|
| $5,245,000 | 2019 | Serial | 4% | 105.976 | 2.08%
|
| $5.46 million | 2020 | Serial | 4% | 106.197 | 2.45%
|
| $5.68 million | 2021 | Serial | 5% | 110.847 | 2.76%
|
| $2,485,000 | 2022 | Serial | 5% | 111.053 | 3.04%
|
| $2,605,000 | 2023 | Serial | 5% | 110.926 | 3.29%
|
| $2.74 million | 2024 | Serial | 5% | 111.176 | 3.43%
|
| $2,635,000 | 2025 | Serial | 5% | 110.196 | 3.56%
|
| $2,755,000 | 2026 | Serial | 5% | 109.077 | 3.71%
|
| $2.9 million | 2027 | Serial | 5% | 108.191 | 3.83%
|
| $3.04 million | 2028 | Serial | 5% | 107.46 | 3.93%
|
| $3.19 million | 2029 | Serial | 5% | 106.59 | 4.05%
|
| $9.87 million | 2030 | Serial | 5% | 106.015 | 4.13%
|
|
|
| $15,905,000 series2015C limited tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.92 million | 2018 | Serial | 4% | 104.91 | 1.75%
|
| $3.61 million | 2019 | Serial | 4% | 105.976 | 2.08%
|
| $1.94 million | 2022 | Serial | 5% | 111.053 | 3.04%
|
| $3,215,000 | 2023 | Serial | 5% | 110.926 | 3.29%
|
| $1.22 million | 2024 | Serial | 5% | 111.176 | 3.43%
|
|
|
| $27,665,000 series 2015D alternative revenue source bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,235,000 | 2017 | Serial | 4% | 103.323 | 1.28%
|
| $4,445,000 | 2018 | Serial | 4% | 105.091 | 1.67%
|
| $820,000 | 2019 | Serial | 4% | 106.137 | 2.03%
|
| $815,000 | 2020 | Serial | 4% | 106.529 | 2.37%
|
| $1,675,000 | 2023 | Serial | 5% | 111.403 | 3.22%
|
| $1.76 million | 2024 | Serial | 5% | 111.632 | 3.37%
|
| $3.39 million | 2026 | Serial | 5% | 109.821 | 3.61%
|
| $3,455,000 | 2027 | Serial | 5% | 109.003 | 3.72%
|
| $3.45 million | 2028 | Serial | 5% | 108.265 | 3.82%
|
| $3.62 million | 2029 | Serial | 5% | 107.387 | 3.94%
|
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