By Sheri Kasprzak
New York, July 25 - The Metropolitan Water Reclamation District of Greater Chicago sold $400 million of series 2011 capital improvement bonds, said an official statement.
The offering included $30 million of series 2011A limited tax taxable general obligation capital improvement bonds, $270 million of series 2011B limited tax G.O. capital improvement bonds and $100 million of series 2011C unlimited tax G.O. capital improvement bonds.
The bonds (Aaa/AAA/AAA) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc. The co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., Duncan-Williams Inc., Loop Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and William Blair & Co.
The 2011A bonds are due 2013 to 2016 with 0.891% to 2.229% coupons, all priced at par.
The 2011B bonds are due 2017 to 2026 and 2029 to 2032 with 3.125% to 5% coupons.
The 2011C bonds are due 2013 to 2020 and 2029 to 2031. The coupons range from 3% to 5% with yields from 0.6% to 4.26%.
Proceeds will be used to construct, complete, replace, renovate and repair sewage treatment works, water quality improvement projects and flood control facilities within the district.
| Issuer: | Metropolitan Water Reclamation District of Greater Chicago
|
| Issue: | Series 2011 capital improvement bonds
|
| Amount: | $400 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Bank of America Merrill Lynch, Barclays Capital Inc., Duncan-Williams Inc., Loop Capital Markets LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and William Blair & Co. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 21
|
| Settlement date: | July 27
|
|
|
| $30 million series 2011A limited tax taxable G.O. capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.52 million | 2013 | Serial | 0.891% | 100
|
| $15.975 million | 2014 | Serial | 1.222% | 100
|
| $4.175 million | 2015 | Serial | 1.729% | 100
|
| $5.33 million | 2016 | Serial | 2.229% | 100
|
|
|
| $270 million series 2011B limited tax G.O. capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $6.115 million | 2017 | Serial | 5% | 1.88%
|
| $26.855 million | 2018 | Serial | 5% | 2.30%
|
| $16.14 million | 2019 | Serial | 5% | 2.64%
|
| $7.335 million | 2020 | Serial | 5% | 2.89%
|
| $4.05 million | 2021 | Serial | 3% | 3.06%
|
| $5.5 million | 2021 | Serial | 5% | 3.06%
|
| $595,000 | 2022 | Serial | 3.125% | 3.25%
|
| $6.985 million | 2022 | Serial | 5% | 3.25%
|
| $18.3 million | 2023 | Serial | 5% | 3.43%
|
| $18 million | 2024 | Serial | 5% | 3.58%
|
| $14.5 million | 2025 | Serial | 5% | 3.71%
|
| $4.775 million | 2026 | Serial | 5% | 3.80%
|
| $10 million | 2029 | Serial | 5% | 4.07%
|
| $45 million | 2030 | Serial | 5% | 4.16%
|
| $45.85 million | 2031 | Serial | 5% | 4.26%
|
| $40 million | 2032 | Serial | 5% | 4.36%
|
|
|
| $100 million series 2011C unlimited tax G.O. capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $16.72 million | 2013 | Serial | 3% | 0.60%
|
| $6.2 million | 2014 | Serial | 4% | 0.90%
|
| $16.9 million | 2015 | Serial | 5% | 1.20%
|
| $9.85 million | 2016 | Serial | 5% | 1.51%
|
| $4.955 million | 2017 | Serial | 4% | 1.88%
|
| $1.64 million | 2018 | Serial | 3% | 2.30%
|
| $1.885 million | 2019 | Serial | 4% | 2.64%
|
| $350,000 | 2020 | Serial | 3% | 2.89%
|
| $10 million | 2029 | Serial | 5% | 4.07%
|
| $10 million | 2030 | Serial | 5% | 4.16%
|
| $865,000 | 2031 | Serial | 4.125% | 4.26%
|
| $20.635 million | 2031 | Serial | 5% | 4.26%
|
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