Chicago delays $590.94 million sale of G.O. bonds until 2009

By Sheri Kasprzak

New York, Dec. 9 - The city of Chicago has elected not to move forward with its $590.94 million offering of series 2008 general obligation bonds, said Lisa Schrader, spokeswoman for the city's Office of Budget and Management, Tuesday.

The sale had been expected to price Wednesday.

"While we were confident we could successfully sell our high-rated bonds in December, there was no particular urgency to do so," said Schrader in an interview.

"We're hoping for a more favorable bond market in early 2009."

William Blair & Co. had been the lead manager for the negotiated offering.

Proceeds were to be used for infrastructure improvements and the demolition of hazardous, vacant or dilapidated buildings.

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