Excerpt:
Chicago’s school district is heading into the market for its first COVID-19 era deal with a balance sheet shored up by federal relief.
The district is selling this week $560 million of tax-exempt, dedicated revenue-backed general obligation paper that carries two junk ratings and one at investment grade.
The deal offers $450 million of new money to finance capital work and $110 million of bonds that will refund 2006, 2009 and 2010 debt for savings with no extension of the original maturity. State aid is the pledged dedicated revenue on both pieces with other intergovernmental agreement-related revenue also pledged on the new money series.
Author: Yvette Shields
Publication Date: 25 January 2021
Publication Site: Fidelity Fixed Income
Original Publisher: Bond Buyer