City of Chicago O'Hare International
Airport 2017 General Airport Senior
Lien Revenue Refunding Bonds

City Of Chicago O Hare International Airport

Invest in the 2nd busiest airport in the country and earn tax-exempt income! Proceeds will be used to fund the expansion of Terminal 5 and refund existing debt. Please review the information provided and offering documents before placing an order.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt (AMT may apply)
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The City will use the proceeds from the sale of the 2017 Series A, B and C (Non-AMT) Senior Lien Refunding Bonds to: (i) refund outstanding Senior Lien Bonds (ii) fund the Reserve Requirement for certain Series of the 2017 Senior Lien Refunding Bonds, and (iii) pay issuance costs of the 2017 Senior Lien Refunding Bonds.

    The City will use the proceeds from Series D (AMT) to (i) pay the costs of the 2017 Airport Projects including expansion of Terminal 5, (ii) fund the related Reserve Requirement for the 2017D Senior Lien Bonds, (iii) capitalize a portion of the interest on the 2017D Senior Lien Bonds, and (iv) pay issuance costs.

    The Terminal 5 expansion will increase the number of gates in the terminal from 19 to 28, and will increase the size of the gates.

  • Obligor

    Limited Obligations of the City of Chicago

  • Issuer

    City of Chicago - Chicago O'Hare Int'l Airport

  • Authority

    The 2017 Senior Lien Bonds will be issued under the authority granted to the City as a home rule unit of local government under the Illinois Constitution of 1970. The 2017 Senior Lien Bonds will be issued pursuant to an ordinance adopted by the City Council of the City on September 14, 2016 (the "Bond Ordinance"). The 2017 Senior Lien Bonds will also be issued and secured under the Master Indenture of Trust Securing Chicago O'Hare International Airport General Airport Revenue Senior Lien Obligations dated as of September 1, 2012 (as amended and supplemented from time to time, the "Senior Lien Indenture") from the City to U.S. Bank National Association, Chicago, Illinois, as successor trustee to LaSalle Bank National Association (the "Trustee"), as supplemented by the Fifty-Ninth Supplemental Indenture (the "Fifty-Ninth Supplemental Indenture"), the Sixtieth Supplemental Indenture (the "Sixtieth Supplemental Indenture"), the Sixty-First Supplemental Indenture (the "Sixty-First Supplemental Indenture") and the Sixty-Second Supplemental Indenture (the "Sixty-Second Supplemental Indenture" and collectively with the Fifty-Ninth Supplemental Indenture, Sixtieth Supplemental Indenture and Sixty- First Supplemental Indenture, the "2017 Supplemental Indentures" and each a "2017 Supplemental Indenture") each dated as of June 1, 2017 and each from the City to the Trustee.

    The Senior Lien Indenture grants to the Trustee a first lien on and pledge of Revenues (as herein defined) derived from the operation of Chicago O'Hare International Airport ("O'Hare") to secure, on a parity basis, (i) the 2017 Senior Lien Bonds which are described in this Official Statement, (ii) all of the issued and Outstanding Senior Lien Bonds (as defined in the official statement) and (iii) any other Senior Lien Obligations (as defined in the official statement) issued by the City in accordance with the Senior Lien Indenture. The terms "Revenues," "Senior Lien Obligations" and "Outstanding Senior Lien Obligations" are more fully described and defined under the heading "SECURITY FOR THE 2017 SENIOR LIEN BONDS" in the Official Statement.

  • Security

    The 2017 Senior Lien Bonds and the interest thereon will be limited obligations of the City payable from and secured by a pledge of Revenues derived from the operation of O'Hare and will be secured on a parity basis as to Revenues with the City's Outstanding Senior Lien Bonds and such other Senior Lien Obligations as may be outstanding from time to time, as more fully described in the Official Statement.

    In addition, please see the below pledge security for each series of the 2017 Senior Lien Bonds

    Series 2017A: Revenues

    Series 2017B: Revenues, and a subordinate pledge of passenger facility charges

    Series 2017C: Revenues and federal Grant Receipts

    Series 2017D: Revenues

  • Trustee

    U.S. Bank National Association, Chicago, Illinois

About the issuer

Contact information
Address
121 N. LaSalle Street Chicago IL 60602

Ratings

Ratings

A

S&P

Moody's

A

Fitch

Financing team

Neighborly Securities
Neighborly is a syndicate member on this issuance.
Municipal Advisors
Bond Counsel