Cook County, Ill., bond buyback conditioned on deal pricing by Feb. 28

By Marisa Wong

Madison, Wis., Dec. 19 - The County of Cook, Ill., said it is considering a secondary market purchase of some of its outstanding general obligation bonds.

The buybacks are conditioned upon the issuance of G.O. refunding bonds, which are expected to price no later than Feb. 28, according to a notice on Wednesday.

The issuer had already announced the planned secondary market purchase on Nov. 1, but the previous notice said that the refunding bonds would price by Dec. 31.

The bonds being considered for repurchase are the county's $6 million 2004C bonds due Nov. 15, 2029, $98 million 2004C bonds due Nov. 15, 2029 and $100.75 million 2011C bonds due Nov. 15, 2033.

The bonds may be purchased in open market transactions or in privately negotiated transactions using proceeds from the refunding bonds.

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