New Issue: Metropolitan Pier, Ill., brings $196.53 million expansion project bonds

By Sheri Kasprzak

New York, Sept. 16 – The Metropolitan Pier and Exposition Authority of Illinois sold $196,525,000 of series 2015 McCormick Place expansion project bonds, said a pricing sheet.

The bonds (//BBB+) were sold through Citigroup Global Markets Inc. and Cabrera Capital Markets LLC.

The deal included $130,025,000 of series 2015A bonds and $66.5 million of series 2015B refunding bonds.

The 2015A bonds are due June 1, 2053 and have a 5% coupon that priced at 98.987 and a 5.5% coupon that priced at 105.265.

The 2015B bonds are due 2035, 2040, 2045 and 2052 and have 5% coupons. The 2035 bonds priced at 104.305, the 2040 bonds priced at 102.815, the 2045 bonds priced at 101.029, and the 2052 bonds priced at 98.996.

Proceeds will be used to construct a 40-story hotel to be operated as the Marriott Marquis Hotel of Chicago.

Issuer:	Metropolitan Pier and Exposition Authority
Issue:	Series 2015 McCormick Place expansion project bonds
Amount:	$196,525,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. and Cabrera Capital Markets LLC (joint bookrunners), Siebert Brandford Shank & Co. LLC (co-manager)
Rating:	Fitch: BBB+
Pricing date:	Sept. 16
Settlement date:	Sept. 24
$130,025,000 series 2015A bonds
Amount	Maturity	Type	Coupon	Price
$60,025,000	June 15, 2053	Term	5%	98.987
$70 million	June 15, 2053	Term	5.5%	105.265
$66.5 million series 2015B refunding bonds
Amount	Maturity	Type	Coupon	Price
$11,075,000	2035	Term	5%	104.305
$12,525,000	2040	Term	5%	102.815
$17.17 million	2045	Term	5%	101.029
$25.73 million	2052	Term	5%	98.996

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