Metropolitan Water Reclamation District of Greater Chicago to sell $400 million bonds

By Sheri Kasprzak

New York, July 14 - The Metropolitan Water Reclamation District of Greater Chicago is set to price $400 million of series 2011 capital improvement bonds, according to a preliminary official statement.

The offering includes $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) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Citigroup Global Markets Inc. as the lead managers. The co-managers are 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, and the 2011B bonds are due 2016 to 2031. The 2011C bonds are due 2028 to 2033 with a term bond due Dec. 1, 2038.

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.

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