Chicago to Issue $1.6 Billion in Bonds for O'Hare Airport Upgrade
By Paulo Trevisani
The City of Chicago plans to offer $1.6 billion in bonds to fund upgrades at O'Hare International Airport.
The General Airport Senior Lien Revenue bonds are meant to raise funds to pay or reimburse the City for certain projects in the busy Midwest hub, according to preliminary official statement published Wednesday on MuniOS. Proceeds will also fund debt service reserves and refund existing senior lien bonds.
The sale is divided into three tranches. The Series 2025E is the largest, amounting to $1.1 billion. Series 2025F bonds total $480 million and Series 2025G total $22 million. They are all federal-tax exempt.
Maturity, coupon and interest rate details weren't specified in the preliminary statement.
The bonds are backed by airport revenue. Total operating revenues for the airport were $1.6 billion in fiscal year 2024.
O'Hare has been undergoing extensive upgrades to expand its capacity in the past few years. The work is expected to continue into the next decade. In July, the airport recorded its busies travel day every, with 115,962 passengers, according to roadshow material.
All tranches are rated A+ by S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency.
Jefferies is the lead underwriter.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
November 06, 2025 15:34 ET (20:34 GMT)
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