By Sheri Kasprzak
New York, Nov. 2 - The City of Chicago sold $232.935 million of series 2011 sales tax revenue bonds, according to a pricing sheet.
The offering included $214.34 million of series 2011A sales tax revenue bonds and $18.595 million of series 2011B taxable bonds.
The 2011A bonds are due 2035, 2038 and 2041. The 2035 bonds have a 4.375% coupon priced at 97.228, and the 2038 bonds have a 5.25% coupon priced at 111.781. The 2041 bonds have a 5% coupon priced at 105.879.
The 2011B bonds are due in 2035 and have a 5.504% coupon priced at par.
The bonds (Aa2/AAA/AA-) were sold through senior manager Loop Capital Markets LLC. The co-managers were Bank of America Merrill Lynch, Cabrera Capital Markets LLC, BNY Mellon Capital Markets LLC, Blaylock Robert Van LLC, Podesta & Co., Stern Brothers & Co. and William Blair & Co. Inc.
Proceeds will be used to refund existing debt.
| Issuer: | City of Chicago
|
| Issue: | Series 2011 sales tax revenue bonds
|
| Amount: | $232.935 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), Bank of America Merrill Lynch, Cabrera Capital Markets LLC, BNY Mellon Capital Markets LLC, Blaylock Robert Van LLC, Podesta & Co., Stern Brothers & Co. and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AA-
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 15
|
|
|
| $214.34 million series 2011A sales tax revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.89 million | 2035 | Term | 4.375% | 97.228
|
| $94.52 million | 2038 | Term | 5.25% | 111.781
|
| $109.93 million | 2041 | Term | 5% | 105.879
|
|
|
| $18.595 million series 2011B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| 2035 | Term | 5.504% | 100
|
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