UPDATE 1-Chicago O'Hare International Airport to sell $899.1 mln revs
Sept 24 (Reuters) - Chicago O'Hare International Airport is planning to sell $899.1 million of general airport senior lien revenue bonds on Oct. 2, a market source said on Tuesday.
Proceeds from the deal will be used to refund outstanding airport debt and finance projects for the airport's ongoing modernization and capital improvement programs, according to the preliminary official statement.
The sale consists of $371.1 million of refunding bonds subject to the alternative minimum tax (AMT)and $133.6 million non-AMT refunding bonds structured with serial maturities from 2014 through 2034, the POS said.
It also includes $80.1 million of new AMT bonds and $314.3 million of non-AMT bonds with a structure that includes serial bonds due in 2015 through 2044, according to the POS.
J.P. Morgan is the lead manager on the sale.
On Tuesday, Chicago Mayor Rahm Emanuel announced the city received a $10 million Federal Aviation Administration grant for a taxiway that is part of the $8 billion modernization program. The taxiway is also being funded with $78.4 million from O'Hare's two largest carriers - United Airlines and American Airlines - and with $3.5 million in passenger facility charges collected at the airport, according to a statement from the mayor's office.
O'Hare is the second busiest U.S. airport in terms of aircraft landings and takeoffs, and passengers, according to rankings by the Airports Council International-North America.
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