Sept 24 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
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.