Published on 6/7/2016 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Metro Water Reclamation of Greater Chicago prices $427.23 million G.O.s
By Sheri Kasprzak
New York, June 7 – The Metropolitan Water Reclamation District of Greater Chicago sold $427.23 million of series 2016 general obligation bonds, said a pricing sheet.
The deal included $281.92 million of series 2016A unlimited tax G.O. refunding bonds, $41.31 million of series 2016B limited tax G.O. refunding bonds, $30 million of series 2016C unlimited tax capital improvement green bonds, $20 million of series 2016D limited tax capital improvement green bonds, $50 million of series 2016E unlimited tax capital improvement green bonds and $4 million of series 2016F taxable qualified energy bonds.
The 2016A bonds are due 2023 to 2031 with 5% coupons.
The 2016B bonds are due 2023 to 2031 with 5% coupons.
The 2016C bonds are due Dec. 1, 2045 and have a 5% coupon priced at 119.131.
The 2016D bonds are due 2022 to 2030 with 5% coupons.
The 2016E bonds are due 2022 to 2036 with term bonds due in 2041 and 2045. The serial bonds have 5% coupons. The 2041 bonds have a 5% coupon priced at 119.528 and the 2045 bonds have a 5% coupon priced at 119.131.
The 2016F bonds are due Dec. 1, 2036 and have a 4% coupon priced at par.
The bonds (/AA+/AAA) were sold through BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to finance capital improvements and refund the district’s series 2006 bonds.
| Issuer: | Metropolitan Water Reclamation District of Greater Chicago
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $427.23 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, North South Capital LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | S&P: AA+
|
| Fitch: AAA
|
| Pricing date: | June 7
|
| Settlement date: | July 7
|
|
|
| $281.92 million series 2016A unlimited tax general obligation refunding bonds
|
| Amount Maturity | Type | Coupon Price
|
| $25,585,000 | 2023 | Serial | 5% | 122.542
|
| $26.75 million | 2024 | Serial | 5% | 124.049
|
| $27,975,000 | 2025 | Serial | 5% | 125.2
|
| $29.27 million | 2026 | Serial | 5% | 126.325
|
| $30,625,000 | 2027 | Serial | 5% | 125.16
|
| $34,045,000 | 2028 | Serial | 5% | 124.531
|
| $35.62 million | 2029 | Serial | 5% | 124.009
|
| $35.17 million | 2030 | Serial | 5% | 123.697
|
| $36.88 million | 2031 | Serial | 5% | 123.18
|
|
|
| $41.31 million series 2016B limited tax general obligation refunding bonds
|
| Amount Maturity | Type | Coupon Price
|
| $4,175,000 | 2023 | Serial | 5% | 122.154
|
| $4.26 million | 2024 | Serial | 5% | 123.612
|
| $4,365,000 | 2025 | Serial | 5% | 124.716
|
| $4,485,000 | 2026 | Serial | 5% | 125.794
|
| $4.6 million | 2027 | Serial | 5% | 124.635
|
| $4.7 million | 2028 | Serial | 5% | 124.009
|
| $4,835,000 | 2029 | Serial | 5% | 123.49
|
| $4.84 million | 2030 | Serial | 5% | 123.18
|
| $5,025,000 | 2031 | Serial | 5% | 122.665
|
|
|
| $30 million series 2016C unlimited tax capital improvement green bonds
|
| Maturity | Type | Coupon Price
|
| Dec. 1, 2045 | Term | 5% | 119.131
|
|
|
| $20 million series 2016D limited tax capital improvement green bonds
|
| Amount Maturity | Type | Coupon Price
|
| $1,815,000 | 2022 | Serial | 5% | 119.997
|
| $1,905,000 | 2023 | Serial | 5% | 122.154
|
| $2 million | 2024 | Serial | 5% | 123.612
|
| $2.1 million | 2025 | Serial | 5% | 124.716
|
| $2,205,000 | 2026 | Serial | 5% | 125.794
|
| $2,315,000 | 2027 | Serial | 5% | 124.635
|
| $2.43 million | 2028 | Serial | 5% | 124.009
|
| $2.55 million | 2029 | Serial | 5% | 123.49
|
| $2.68 million | 2030 | Serial | 5% | 123.18
|
|
|
| $50 million series 2016E unlimited tax capital improvement green bonds
|
| Amount Maturity | Type | Coupon Price
|
| $1,125,000 | 2022 | Serial | 5% | 119.997
|
| $1.18 million | 2023 | Serial | 5% | 122.542
|
| $1.24 million | 2024 | Serial | 5% | 124.049
|
| $1.3 million | 2025 | Serial | 5% | 125.2
|
| $1,365,000 | 2026 | Serial | 5% | 126.325
|
| $1,435,000 | 2027 | Serial | 5% | 125.16
|
| $1,505,000 | 2028 | Serial | 5% | 124.531
|
| $1.58 million | 2029 | Serial | 5% | 124.009
|
| $1.66 million | 2030 | Serial | 5% | 123.697
|
| $1,745,000 | 2031 | Serial | 5% | 123.18
|
| $1.83 million | 2032 | Serial | 5% | 122.665
|
| $1.92 million | 2033 | Serial | 5% | 12.152
|
| $2.02 million | 2034 | Serial | 5% | 121.642
|
| $2.12 million | 2035 | Serial | 5% | 121.135
|
| $2,225,000 | 2036 | Serial | 5% | 120.63
|
| $12,905,000 | 2041 | Term | 5% | 119.528
|
| $12,845,000 | 2045 | Term | 5% | 119.131
|
|
|
| $4 million series 2016F taxable qualified energy bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2036 | Term | 4% | 100
|
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