Published on 5/25/2016 in the Prospect News Municipals Daily.
New Issue: Chicago sells $348.32 million of Chicago Midway Airport refunding bonds
By Sheri Kasprzak
New York, May 25 – The City of Chicago priced $348,315,000 of series 2016 revenue and refunding bonds, said a pricing sheet.
The deal included $125.61 million of series 2016A AMT bonds and $222,705,000 of series 2016B non-AMT bonds.
The 2016A bonds are due 2017 to 2033 with 2% to 5% coupons and yields from 0.75% to 3.21%.
The 2016B bonds are due 2017 to 2022 and 2033 to 2037 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with 0.69% to 3.14% yields. The 2041 bonds have a 5% coupon priced at 116.638 to yield 2.99%, and the 2046 bonds have a 5% coupon priced at 116.186 to yield 3.04%.
The bonds (/A/A) were sold through Barclays.
Proceeds will be used to finance capital improvements to the airport, as well as to refund existing bonds.
| Issuer: | City of Chicago/Chicago Midway Airport
|
| Issue: | Series 2016 revenue and refunding bonds
|
| Amount: | $348,315,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), BofA Merrill Lynch, Blaylock Beal Van LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. Inc., Hutchinson Shockey Erley & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Stern Brothers & Co. and Toussaint Capital Partners LLC (co-managers)
|
| Ratings: | S&P: A
|
| Fitch: A
|
| Pricing date: | May 25
|
| Settlement date: | June 1
|
|
|
| $125.61 million series 2016A AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2017 | Serial | 2% | 100.725 | 0.75%
|
| 2018 | Serial | 4% | 104.684 | 1.01%
|
| 2019 | Serial | 4% | 107.047 | 1.22%
|
| 2020 | Serial | 5% | 112.388 | 1.44%
|
| 2021 | Serial | 5% | 114.68 | 1.66%
|
| 2022 | Serial | 5% | 116.866 | 1.81%
|
| 2023 | Serial | 5% | 118.552 | 1.98%
|
| 2024 | Serial | 5% | 119.92 | 2.14%
|
| 2025 | Serial | 5% | 121.006 | 2.29%
|
| 2026 | Serial | 5% | 121.947 | 2.42%
|
| 2027 | Serial | 5% | 120.428 | 2.58%
|
| 2028 | Serial | 5% | 119.584 | 2.67%
|
| 2029 | Serial | 5% | 118.932 | 2.74%
|
| 2030 | Serial | 5% | 118.284 | 2.81%
|
| 2031 | Serial | 5% | 117.824 | 2.86%
|
| 2032 | Serial | 4% | 106.896 | 3.16%
|
| 2033 | Serial | 4% | 106.47 | 3.21%
|
|
|
| $222,705,000 series 2016B non-AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2017 | Serial | 2% | 100.761 | 0.69%
|
| 2018 | Serial | 4% | 105.024 | 0.80%
|
| 2019 | Serial | 4% | 107.711 | 0.97%
|
| 2020 | Serial | 5% | 113.514 | 1.14%
|
| 2021 | Serial | 5% | 116.361 | 1.31%
|
| 2022 | Serial | 5% | 118.913 | 1.46%
|
| 2033 | Serial | 3% | 98.199 | 3.14%
|
| 2034 | Serial | 4% | 108.1 | 3.02%
|
| 2035 | Serial | 4% | 107.668 | 3.07%
|
| 2036 | Serial | 5% | 117.916 | 2.85%
|
| 2037 | Serial | 5% | 117.458 | 2.90%
|
| 2041 | Term | 5% | 116.638 | 2.99%
|
| 2046 | Term | 5% | 116.186 | 3.04%
|
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