Deals 05/19/2020

Loop Capital Markets served as bookrunning senior manager for Chicago Park District’s $122.540 million General Obligation Bonds, Series 2020ABCDE Transaction

On May 19, 2020, the Chicago Park District (the “Park District”) sold the $122.540 million General Obligation Bonds, Series 2020ABCDE financing with Loop Capital Markets serving as bookrunning senior manager. Proceeds of the bonds were used to (i) finance a portion of the cost of building, maintaining and improving parks within the Park District of its Capital Improvement Plan, and takeout the 2019 Bond Anticipation Notes under a Line of Credit; (ii) refund all or a portion of certain maturities of the District’s outstanding Series 2010A and 2010B Bonds; (iii) pay capitalized interest on certain series of the 2020 Bonds; and (iv) pay costs of issuance of the 2020 Bonds. The Bonds were rated AA- (Negative) / AA- (Negative) / AA (Negative) by S&P, Fitch and Kroll, respectively.

The transaction was structured with serial maturities ranging between 2021 and 2042, 4% and 5% coupons and partial insurance by Build America Mutual Insurance Company. The Firm developed an investor roadshow in conjunction with the Park District which was viewed by 32 unique investors during the pre-marketing period. Due to strong subscription levels, spreads tightened between three and six basis points between preliminary pricing and final pricing. In support of the transaction, the Firm underwrote $2.275 million with no yield adjustments.