Holley & Pearson-Farrer LLP represented the City of Chicago as lead disclosure counsel in connection with the issuance of $666.4 million in general obligation bonds issued in two tax-exempt series.

The proceeds of one series were issued to refund general obligation debt and to repurchase and cancel certain outstanding general obligation bonds by means of a tender offer. The other series was issued in exchange for certain outstanding general obligation bonds.

This transaction was uniquely complicated in having refunding, tendering, and exchanging components within one issuance, which required our attorneys to be dexterous and meticulous in drafting the official statement. The tendering and exchanging were conducted pursuant to an offer to tender or exchange bonds in which beneficial owners of the outstanding bonds were invited to tender their existing bonds for purchase by the City of Chicago in cash or exchange their existing bonds for new bonds. The City of Chicago enjoyed high participation in its tender and exchange offer.

H|PF Role
  • General obligation bonds
  • Transaction included offer from the issuer to beneficial owners of outstanding bonds to exchange or tender existing bonds for new bond issuance
$666.4 million
City of Chicago
Closing Date
December 2021
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